Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has revealed that the National Assembly will pass the contentious tax reform bills into law in the first quarter of 2025.
Speaking over the weekend at The Platform, an event hosted by The Covenant Nation to drive national development, Oyedele also announced that the implementation of the tax reforms will begin in July.
The National Assembly is set to resume discussions on the bills after halting proceedings last year.
On October 13, 2024, President Bola Tinubu urged lawmakers to review and approve four tax reform bills.
The proposed bills have faced significant criticism, with opponents branding them as unfavorable to the northern region. However, last week, the Nigerian Governors Forum (NGF) endorsed the reforms.
The NGF also suggested a new “equitable” formula for VAT distribution.
“I need to talk about the tax reforms. Part of the expectation is we expect the tax reforms to be approved, particularly the tax reform bills in 2025.
“Our expectation is before the end of Q1 and therefore, we can give notice to taxpayers to prepare themselves with capacity and begin to implement around 1st of July,” he said.
Oyedele argued that removing fuel subsidies was the best decision Nigeria could make as it was no longer sustainable.
He assured Nigerians that the ongoing economic reforms by the Bola Ahmed administration are beginning to yield good results.