In a significant step towards enhancing Nigeria’s financial landscape, President Bola Tinubu has submitted a suite of proposed Fiscal Policy and Tax Reform Bills to both the Senate and the House of Representatives.
These initiatives aim to align with ongoing financial reforms and improve tax compliance efficiency across the country.
The Senate is set to consider the proposed Fiscal Policy and Tax Reform Bill, while the House of Representatives will deliberate on four additional bills: the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
During his speech on Nigeria’s 64th Independence Anniversary on October 1, 2024, President Tinubu emphasized the importance of these bills in stimulating economic growth. “We are moving ahead with our fiscal policy reforms… These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers once they are passed into law,” he stated.
The Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele also announced that the Withholding Tax Regulations 2024 has been officially gazetted. He noted that this regulation is expected to alleviate financial pressures on manufacturers and other businesses by easing some funding burdens.
As these bills progress through the legislative process, they promise to reshape the economic landscape and foster a more conducive environment for investment and job creation in Nigeria.
