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Extends implementation component 2024 budget to June 2025
By Olu Balogun
National Assembly has vowed that the Tax Reform Bills forwarded to it for consideration and passage by President Bola Tinubu in October This year would definitely see the light of the day.
The legislative arm of government said rather than killing the well envisioned bills, it would engage Nigerians having wrong notions on it, to have change minds and get it passed.
The Tax Reform Bills which are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024
President of the Senate, Senator Godswill Akpabio and the Speaker, House of Representatives, Hon. Tajudeen Abbas gave the assurance on Wednesday in their separate remarks, during 2025 budget presentation by President Bola Tinubu.before the joint session of National Assembly.
Akpabio in his opening remarks at the budget presentation said: “Your Excellency, we commend you on your groundbreaking tax reform initiative.
“The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024, represent a monumental shift in our fiscal landscape.
“It is disheartening that those who have not taken the time to understand these bills are the loudest critics.
“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.
“We will not kill any reform that you have forwarded to us for consideration Mr President but rather engage Nigerians to see the merits in them.”
Also assuring the President Tinubu on the Tax Reform Bills, the Speaker, in his closing remarks, said the National Assembly will work with Mr President in giving his reform agenda required legislative backing.
“NASS is fully committed to supporting 2025 budget which had just been laid before us today and as well as other ones, forwarded to us for consideration and passage,” Hon. Abbas said.
Meanwhile, both chambers of the National Assembly after 2025 budget presentation to them at joint session by President Tinubu, set machinery in motion to extend the capital component of 2024 budget to June 30, 2025 .
Legislative action in that direction, was taken by listing bill for that purpose on their Order Paper, which passed the first and second reading in the Senate on Wednesday.
