The leadership of the Senate and the House of Representatives on Wednesday said the passage of Tax Reform Bills forwarded to the National Assembly is a legislative activity they would not compromise for anything.
They stated this through a joint statement by the Senate President, Godswill Obot Akpabio and the House of Representatives Speaker, Rt. Hon. Tajudeen Abbas, insisting that the four tax related bills were in the interest of the nation as it yearns for economic prosperity in 2025 and beyond.
They however, said, lawmakers will engage with the public to dispel misconceptions and ensure the passage of the key legislative reforms.
Tajudeen Abbas affirmed their commitment to supporting the President’s tax reforms, calling them a transformative opportunity to strengthen Nigeria’s fiscal system.
The reforms include 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.
On the other hand, the Senate President commended President Tinubu for the ongoing reforms, which he believed will lead to the comprehensive tax overhaul since Nigeria’s independence, which he said would boost small and medium enterprises, improve revenue, and foster a competitive business environment.
“We will not kill any reform that you have forwarded to us, Mr. President,” he said, urging the public to engage thoughtfully with the proposals.
Echoing his sentiments, Speaker Abbas pledged that the National Assembly would work closely with President Tinubu to ensure the successful passage of the tax reforms and the 2025 budget.
“We are fully committed to supporting the 2025 budget and all related reforms,” he declared.
In addition to the tax reform discussion, both chambers of the National Assembly also moved to extend the capital component of the 2024 budget to June 30, 2025.
The bill for the extension has already passed its first and second readings in the Senate.
The decision to extend the budget’s implementation period reflects a strong resolve to ensure that key infrastructure projects continue without interruption.
Newspot on Wednesday reported that President Bola Ahmed Tinubu presented a national budget of N47.96 trillion to the joint session of lawmakers for the year 2025, describing it as a budget of prosperity and restoration.
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