The leadership of the Senate and House of Representatives reaffirmed on Wednesday that the passage of the Tax Reform Bills currently before the National Assembly is non-negotiable.

In a joint statement issued by Senate President Godswill Obot Akpabio and House Speaker Rt. Hon. Tajudeen Abbas, the lawmakers emphasized that the four tax-related bills are vital to the nation’s economic prosperity in 2025 and beyond.

They assured the public that efforts would be made to address misconceptions and ensure the successful passage of these crucial legislative reforms.

Speaker Abbas reiterated their unwavering support for the President’s tax reforms, describing them as a transformative opportunity to strengthen Nigeria’s fiscal system.

The reforms include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024.

Senate President Akpabio also praised President Tinubu for advancing the reforms, which he believes will be the most comprehensive tax overhaul in Nigeria since independence. He noted that these reforms would support small and medium enterprises, boost revenue, and create a more competitive business environment.

“We will not obstruct any reform you have presented, Mr. President,” Akpabio stated, urging the public to engage with the proposals thoughtfully.

Speaker Abbas added that the National Assembly is committed to working with President Tinubu to ensure the timely passage of the tax reforms and the 2025 budget.

“We are fully dedicated to supporting the 2025 budget and all associated reforms,” he declared.

In addition to tax reforms, both chambers of the National Assembly are also working to extend the capital component of the 2024 budget until June 30, 2025. The bill for the extension has already passed its first and second readings in the Senate.

This extension reflects a determination to ensure the continued execution of critical infrastructure projects without disruption.

Furthermore, President Bola Ahmed Tinubu recently presented a national budget of N47.96 trillion for 2025 to a joint session of lawmakers, calling it a budget of prosperity and restoration.