Following an extensive and robust debate on the general principles of the legislation by lawmakers, the House of Representatives has passed the tax reform bills for a second reading.
The House had earlier consolidated the four tax reform bills sent to the House by President Bola Ahmed Tinubu last year into one before beginning the debate on the general principles.
The consolidation of the bills followed a motion by the House Leader, Professor Julius Ihonvbere, following the leave granted by the Speaker, Abbas Tajudeen.
Ihonvbere, while speaking on the general principles of the bills, thanked the Nigerian Governors’ Forum for their inputs in retooling the aspect of the VAT sharing formula which he said helped in dousing the earlier concerns that trailed the bills.
He said the bill which aims to modernize the tax reform system will empower citizens and enhance inclusive growth.
In their contributions to the debate on the general principles of the bills, the majority of the lawmakers spoke in support of passage of the bill for second reading.