The Senate on Thursday, passed the remaining tax reform bills submitted to the lawmakers by the government of President Bola Tinubu.
It would be recalled that the Senate had on Wednesday, passed two out of the four bills, and the remaining two have now been passed today.
Plateau News reports that the bills will go through harmonization in the Senate and House of Representatives joint committee and then transition to President Tinubu to be signed into law.
The four tax reform bills passed are the joint revenue board establishment bill, the Nigeria revenue service establishment bill, the Nigeria tax administration bill and the Nigeria tax bill.
The four executive bills seek to transform and modernise the tax system in Nigeria.
On Wednesday, Senate President Godswill Akpabio described the bills as a step in the right direction.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” the Senate President said.
Meanwhile, Nigeria has paid back all its outstanding debts owed to the International Monetary Fund (IMF) and exited the list of debtors to the organization.
Plateau News reports that as of 2023, Nigeria’s IMF debt stood at $1.61 billion. However, through a repayment plan initiated by the administration of President Bola Tinubu, the debt steadily declined, reaching $472 million by January 2025, and has now been fully paid off as of May 2025.
This development was confirmed in the latest report from the IMF website, which shows Nigeria is no longer included on the list of nations indebted to the IMF.
The debt-free status of Nigeria was also confirmed by the Senior Special Assistant to President Tinubu on Digital Engagement and Strategy, O’tega Ogra, via a statement released on his 𝕏 account.