The ongoing debate over tax reform in Nigeria has created a rift among northern senators, with opinions sharply divided on President Bola Tinubu’s proposed bills.
These bills, introduced on October 3, 2024, aim to overhaul the country’s tax system. The proposed legislation includes:
Joint Revenue Board of Nigeria (Establishment) Bill, 2024
Nigeria Revenue Service (Establishment) Bill, 2024
Nigeria Tax Bill, 2024
Initially, northern governors criticized these reforms as undemocratic, prompting the National Economic Council (NEC) to recommend a withdrawal for broader consultations. However, despite this opposition, the Senate has advanced the bills to the committee stage for detailed review.
A Shift in Position
While the northern senators were united in rejecting the reforms, a new divide has emerged following meetings with the president’s economic team. Some lawmakers now favor amendments rather than outright rejection. Key concerns include revisiting the Value Added Tax (VAT) sharing formula to better address regional interests.
Next Steps
Stakeholders, including members of the newly formed panel, are expected to refine the bills to ensure they reflect Nigeria’s diverse economic realities. As deliberations continue, all eyes remain on the Senate Committee on Finance for recommendations.
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