House of Representatives adopts tax reform bills, awaits Senate concurrence

The House of Representatives on Thursday adopted the report on the four tax reform bills during its session in Abuja.

It now awaits the concurrence of the Senate.

The adopted bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.

“These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterwards, we held an eight-day retreat to debate each clause", said James Abiodun Faleke, the chairman of the House of Representatives Committee on Finance.

He assured Nigerians that the tax reform bills would produce widely acceptable laws.

“I am glad that House members recognised our thorough work and approved all our recommendations,” Faleke said.

He thanked fellow lawmakers and the House leadership for entrusting his committee with processing the tax bills and presenting them for consideration.

He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date back to 1959.

“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.

Deputy Committee Chairman, Saidu Abdullahi (APC-Niger), said no bill in the 10th Assembly had generated as much debate as the tax reform bills.

He praised Speaker Tajudeen Abbas for fostering consensus among stakeholders, ensuring broad-based input into the legislative process.

Abdullahi highlighted that representatives from all geopolitical zones and regional thought leaders were involved, easing public concerns.

“The committee’s recommendations reflect the contributions of various stakeholders.

“These were never seen as perfect documents. The Executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version,” he added.

Also, Ikeagwuonu Ugochinyere (PDP-Imo) described the process as transparent, with consultants and the Executive making adjustments to reflect public interest.

“In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue.

“This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage,” Ugochinyere said.

Benson Babajimi (APC-Lagos) said all stakeholder concerns, including inheritance tax, derivation, and VAT, were carefully considered.

“This is a great day for Nigeria. The House has approved the necessary reforms, and we now await Senate concurrence,” he said.

Reported by NAN

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The winner takes all.
I have a theory: if you put in 80%, you get 80% back. But if you put in 100%, you get
1,000% back. The last 20% is where the magic happens. Because almost nobody is mad enough to go all in. Only a perfect storm of delusion, obsession and a pinch of childhood trauma makes that extra 20% possible. It's the part where you keep going long after logic says retreat. Where your biggest weakness becomes your biggest strength: an inability to stop. Because at a certain point, success isn't about talent or luck. It's about who's willing to suffer for the longest. Pain is the filter. Few pass it.

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The Art of Minimalist Home Design: Embracing Simplicity and Sustainability

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Jones' circle of friends included some of the best known figures of the 20th century. He dined with Pablo Picasso, met Pope John Paul II, helped Nelson Mandela celebrate his 90th birthday and once retreated to Marlon Brando's South Pacific island to recover from a breakdown.

The problem: much of it was based on free money from investors or found money. Aggressive hiring often outpaced actual business patterns that would return once the world returned to a non-COVID world. As companies realized they didn’t need so many tools, they’ve been retreating. There’s even a name for it — SaaS Winter — and the struggle is real.

PRESIDENT TINUBU DIRECTS THAT ONLY AUTHORIZED OFFICIALS WITH BUSINESS AT UNGA SHOULD ATTEND

President Bola Tinubu has issued a directive to reduce the size of Nigeria’s official delegation to the forthcoming United Nations General Assembly (UNGA) meetings in New York, United States.

This directive was disclosed by the Chief of Staff to the President, Honourable Femi Gbajabiamila, on Saturday in Abuja during a one-day retreat organised by the State House management for heads of government agencies under its supervision.

Addressing participants at the retreat, the Chief of Staff said the decision to streamline Nigeria’s delegation to the 79th session of UNGA in September is part of the administration's commitment to ensure prudent management of resources and reduce the cost of governance.

Highlighting the need for the State House and agencies under its supervision to ensure that its functions are guided by statutes, regulations, policy decisions, and presidential directives, Honourable Gbajabiamila hinted at upcoming policy announcements aimed at ensuring efficient service delivery in government operations.

''I just discussed with the President this afternoon. In the next few weeks, we are going to see a test of this policy during UNGA in New York.

''During recent protests, there were talks about reduction in cost of governance. Everyone is waiting to see if Nigeria, as in the past, will send the ‘largest delegation’ to UNGA.

''From experience, we know that some individuals use the opportunity of such international meetings to go about their personal businesses.

''I have received a directive from Mr. President that this time, we will be strict. If you have no business at the UN General Assembly, do not step foot in America, and this is a directive from Mr. President,'' he said.

The Chief of Staff urged heads of agencies at the retreat to comply strictly, adding that the President is listening to the concerns of Nigerians and is committed to addressing them diligently.

On the retreat, Honourable Gbajabiamila noted that it will facilitate collaboration and coordination among government agencies, particularly those under the direct supervision of the State House.

''The idea is to ensure coherence as we jointly work together to achieve the objectives of President Bola Tinubu’s Renewed Hope Agenda.

''Coordination is not just a choice but a necessity for the government to succeed and for us to meet the expectations of the Nigerian people,'' he said.

He said the retreat would be a continuous exercise, as governance is an evolving process that requires regular adjustments.

The Chief of Staff also urged the State House management and chief executives of agencies under its supervision to lead by example by ensuring compliance with statutes, laws, regulations, and various policies designed to enhance governance.

''We must demonstrate excellence in our compliance with the Public Procurement Act, Financial Reporting Council of Nigeria Act, the Finance Act, and various appropriation acts in operation.

''Compliance with the civil service rules and the scheme of service guidelines, especially regarding recruitment, promotion and presidential approvals is also non-negotiable,'' Honourable Gbajabiamila said.

The theme of the one-day retreat was 'Strengthening Institutional Mechanism for Effective Delivery.'

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

August 17, 2024