The House of Representatives, on Wednesday, passed the Tax Reform Bills through a second reading after an intense three-hour debate, with lawmakers overwhelmingly supporting the proposed legislation despite some reservations.

The bills, which include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill, were passed during the plenary session presided over by Speaker Tajudeen Abbas.

The bills, aimed at overhauling Nigeria’s tax system to improve revenue generation and curb leakages, received broad approval, with many lawmakers agreeing on the need for reforms to strengthen the economy.

However, some lawmakers raised concerns about certain errors and discrepancies in the bills.

Before the passage, the House consolidated the four bills before it began debating their general principles.

The consolidation of the bills followed a motion by the House Leader, Prof Julius Ihonvbere after the leave was granted by Speaker Abbas Tajudeen.

The bills consolidated by the House include: “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters (HB.1756); A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and Enact the Nigeria Revenue Service (Establishment) Bill to Establish the Nigeria Revenue Service, charged with Powers of Assessment, Collection of, and Accounting for Revenue

Accruable to the Government of the Federation and for Related Matters (HB.1757).

Others include: A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud, for the Harmonization, Coordination, and Settlement of Disputes arising from Revenue Administration in Nigeria and for Related Matters (HB.1758) and A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and for Related Matters (HB.1759).

The House Leader, Prof. Ihonvbere, led the debate on the consolidated tax reform, stressing the necessity of overhauling the country’s tax reform, which he described as obsolete.

After the passage, the Speaker referred the bills to the House Committee on Finance for further legislative action.