President Bola Tinubu has formally submitted the proposed Fiscal Policy and Tax Reform Bill to the Senate for consideration and passage.
The bill aims to align with the Federal Government’s ongoing financial reforms and improve tax compliance efficiency, part of Tinubu’s broader efforts to stimulate economic growth and job creation through fiscal policy adjustments.
In addition to the Senate submission, the House of Representatives also received four bills from the president, including the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
These legislative efforts are expected to streamline Nigeria’s tax and revenue systems.
During his speech on Nigeria’s 64th Independence Anniversary on October 1, 2024, President Tinubu announced that Economic Stabilisation Bills would soon be forwarded to the National Assembly.
He reiterated his commitment to fiscal reforms, stating, “These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers.”
Meanwhile, Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms Committee, confirmed that the Withholding Tax Regulations 2024 had been officially gazetted.
The new regulations are expected to provide significant relief for manufacturers and businesses by reducing the financial strain related to funding their working capital.
The gazette will be publicly available following the public holiday.