The four Tax Reform Bills are ready for transmission to President Bola Ahmed Tinubu for assent.

This followed the adoption of the National Assembly Conference Committee report by the Senate and House of Representatives during plenary yesterday.

Chairman of the Senate Committee on Finance and leader of the Senate delegation in the Conference Committee, Senator Mohammed Sani Musa, presented the report.

The four tax reforms Bills transmitted in November 2024 by President Bola Ahmed Tinubu are: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).

Chairman of the House Committee on Finance, James Faleke, who headed the House team to the conference committee, presented the report.

He said the committee agreed on all areas of difference in the version passed by both chambers of the National Assembly.

Faleke said there were 45 areas of differences in the Nigeria Tax Administration Bill, 12 in the Nigeria Revenue Service Bill, in the Joint Revenue Board Bill and 46 in the Nigeria Tax Bill.

He added that the differences were agreed upon and resolved by the conference committee.

While the committee agreed to retain the Senate version in some of the clauses, they also retained the House version in some others, amending a few others.

The conference committee agreed to the imposition of a four per cent development levy on assessable profit of all companies chargeable to tax under chapters two and three, other than small companies and non-resident companies.

They also agreed that the levy shall be collected by the Nigeria Revenue Service and paid into a special account created for that purpose.

The committee agreed that 50 per cent of the tax will go to the Tertiary Education Trust Fund, 15 per cent to Education Loan Fund (up from three per cent agreed by the House), eight per cent to Nigeria Information Technology Development Fund (up from five and 10 per cent agreed by both chambers).

The National Agency for Science and Engineering Infrastructure is to get eight per cent (down from 10 per cent earlier agreed by both chambers), the National Board for Technology Incubation is to get four per cent from the fund, Defence and Security Infrastructure is to get 10 per cent while cyber security fund will get five per cent.

The Social Security Fund, Nigeria Police Trust Fund, and National Sports Development Fund were excluded from the list of beneficiaries passed by the House of Representatives.

The committee, however, adopted a new clause 158, which imposed a five per cent surcharge on chargeable fossil fuel products provided or produced in Nigeria and shall be collected at the time a chargeable transaction occurs.

The contentious VAT-sharing formula was not part of the areas of disagreement between the two chambers.

Deputy Speaker, Benjamin Kalu, said with the passage of the bills, the country has moved from where it was to where it ought to be.

He believes the four bills will position Nigeria on the path of growth.

Ahmed Jaha warned those who will clean up the bill not to tamper with any of the clauses.

“Where the T is not crossed, don’t cross it; where the I is not dotted, don’t dot it. We have the original copies of the bills as passed before and after harmonisation.

“We have had cases where those in charge of cleaning up the bills tamper with them, and at the end of the day, the President will withhold assent. That must not happen,” he said. (The Nation)