BREAKING: Tinubu’s Tax Bills Ignite Uproar In National Assembly

BREAKING: Tinubu’s Tax Bills Ignite Uproar In National Assembly

The House of Representatives has commenced deliberations on four pivotal tax reform bills introduced by President Bola Tinubu in 2024. After six months of stagnation, the bills have now reached the second reading stage, following recommendations from the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms..…..READ MORE

The proposed legislation includes:

1. Nigeria Tax Bill 2024
2. Tax Administration Bill
3. Nigeria Revenue Service Establishment Bill
4. Joint Revenue Board Establishment Bill

While the bills have garnered significant backing from many lawmakers, they’ve also sparked fierce criticism from northern governors and opposition leaders, who are demanding their immediate withdrawal.

During the Wednesday plenary, although the majority voiced support for the reforms, Representative Sada Soli raised alarms over possible constitutional conflicts embedded in the bills. He emphasized the necessity for clear definitions regarding derivation to avoid legal ambiguities.

Soli, however, expressed confidence that the review committee would address these concerns before the bills are finalized. Some lawmakers also questioned the bills’ intent to amend 40 existing laws, stressing the need for Parliament to scrutinize each change thoroughly.

Additionally, provisions related to multiple taxation on property transactions have drawn particular ire, with critics arguing that taxing both buyers and sellers is excessive.