THE Nigerian Senate passed two of the four tax reform bills sent to it by President Bola Tinubu on Wednesday, May 7.

It passed the two bills following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.

The bills are the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

The bills mark a significant milestone in the ongoing overhaul of Nigeria’s tax administration framework.

Commending the bills, the Senate President, Godswill Akpabio, said they would add immense value to governance and transform how taxes are collected and shared in Nigeria.

He expressed optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.

“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” Akpabio said.

He assured that the remaining two bills would be finalised on Thursday, May 8, even if it required extended sitting hours.

“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.

The ICIR reports that the two remaining tax bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

On his part, the House of Representatives had on Tuesday, March 18, passed the four tax reform bills.

The passage of the bills by the lower chamber followed the consideration and approval of its Committee on Finance’s report on the bills submitted on Thursday, March 13.

Tinubu had in October 2024 transmitted the four tax reform bills to both chambers for consideration and passage.