The Senate is scheduled to give its endorsement to the legislative proposals concerning fiscal adjustments, submitted by President Bola Tinubu to the National Legislature, today, Tuesday. This development was relayed by two senior senators, who requested their identities be withheld, citing a lack of authorization to speak on the subject.
“This process was intended for completion last week, however, the emergency situation in Rivers State necessitated postponement,” one source disclosed. “However, the four legislative instruments will undoubtedly be ratified tomorrow.”
Attempts to solicit confirmation from the Chairman of the Senate Committee on Media and Publicity, Senator Yemi Adaramodu, were unsuccessful.
At the time of this report’s compilation, Senator Adaramodu did not respond to telephone calls or text messages seeking clarification. The impending action by the Senate occurs a mere fortnight following the House of Representatives’ approval of the four contested fiscal policy acts.
These legislative instruments comprise the Nigerian Tax Act, the Tax Administration Act, the Revenue Tax Board Act, and the Nigerian Revenue Service Establishment Act.
This followed a detailed, clause-by-clause examination of all pertinent modifications within the Committee of the Whole. Some of the notable alterations include the decision to maintain the value-added tax rate at the existing 7.5 percent, rather than implementing a phased increase, and the expansion of income tax exemptions to encompass specific agricultural enterprises and military personnel.
Two weeks prior, the Senate convened a two-day public forum on the fiscal policy acts at the National Legislature. The forum assembled key stakeholders from the nation’s economic and financial spheres to deliberate on and refine critical fiscal policies.
Attendees included prominent governmental and industrial figures, such as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chairman of the Federal Inland Revenue Service, Zacch Adedeji; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari; members of the Federal Executive Council; heads of relevant agencies; and the Comptroller General of Customs, Adewale Adeniyi, among others.
Last week, the House of Representatives approved the same legislative instruments. With the Senate’s concurrence, the bills will subsequently be forwarded to President Tinubu for enactment into law.
