The Senate is expected to approve a set of tax reform bills proposed by President Bola Tinubu today, following recent deliberations.
Sources within the National Assembly confirmed that the approval had been delayed due to pressing issues last week but is now a priority. The bills, which have already cleared the House of Representatives, include significant amendments such as maintaining the 7.5% Value Added Tax (VAT) rate and providing tax exemptions for agricultural businesses and military personnel.
A public hearing held earlier brought together key stakeholders from Nigeria’s economic sector, including Finance Minister Wale Edun and FIRS Chairman Zacch Adedeji, to review the proposed changes.
Once passed, the bills will be sent to President Tinubu for final assent, shaping the country’s fiscal policies moving forward.