The Senate has received a formal request from President Bola Tinubu, urging the consideration and passage of the proposed Fiscal Policy and Tax Reform Bill. This bill aims to align with the ongoing financial reforms of the Federal Government and improve tax compliance efficiency.
Additionally, the House of Representatives received four separate bills from the President, including the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Establishment Bill, and the Joint Revenue Board Establishment Bill.
In his Independence Day address on October 1, 2024, marking Nigeria’s 64th anniversary, Tinubu emphasized the government’s commitment to advancing fiscal reforms. “We are moving ahead with our fiscal policy reforms.
To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly. 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 said.
Taiwo Oyedele, Chairman of the Presidential Taskforce on Fiscal Policy and Tax Reforms, also provided an update, announcing that the *Withholding Tax Regulations 2024* has been officially gazetted. “I have good news—the withholding tax regulation has now been gazetted.
The only reason it hasn’t been published today is because it’s a public holiday, but tomorrow you will see a copy of the gazette. This will offer significant relief, not just for manufacturers, but for all businesses by easing some of the burdens related to funding their working capital,” Oyedele stated.
