The Senate has approved President Bola Tinubu’s four proposed tax reform bills for a second reading. Majority Leader Opeyemi Bamidele explained that the reforms aim to simplify tax collection, reduce burdens on small businesses, and address double taxation. The bills propose allocating 55% of VAT revenue to states and granting tax exemptions on salaries below minimum wage.
Senators expressed mixed reactions. Seriake Dickson noted Nigeria’s reliance on oil had hindered developing an efficient tax system, while Ali Ndume raised concerns about timing and constitutional adjustments. Chief Whip Tahir Monguno countered, advocating for further debate during public hearings.
The bills moved forward after Senate President Godswill Akpabio called for a vote, following Tinubu’s October request to expedite the legislation.
