Tax Bills Pass Second Reading in House of Reps

The House of Representatives has passed four tax reform bills for a second reading, months after President Bola Tinubu sent them to the National Assembly for approval.
These bills, submitted in 2024, were based on the recommendations of the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms. They include:
1. Nigeria Tax Bill 2024
2. Tax Administration Bill
3. Nigeria Revenue Service Establishment Bill
4. Joint Revenue Board Establishment Bill
Now that the bills have passed the second reading, they will be reviewed in a public hearing.
However, these tax bills have faced strong opposition, especially from northern governors and opposition politicians, who demanded their withdrawal from the National Assembly.
During Wednesday’s plenary, lawmakers mostly supported the bills, but Hon. Sada Soli raised concerns. He warned that some sections of the bills could contradict the 1999 Constitution, particularly regarding revenue derivation. He urged the committee reviewing the bills to clarify these issues before final approval.
Other lawmakers also pointed out that the bills aim to amend 40 existing laws and suggested that these laws be presented to Parliament for proper review. They also questioned the multiple taxation policy in property sales, where both buyers and sellers are required to pay tax.
The public hearing will provide an opportunity for stakeholders to debate and refine the bills before they are passed into law.
Dangote Refinery Reduces Diesel Price to ₦1,020 Per Litre
Dangote Petroleum Refinery and Petrochemicals has reduced the price of diesel from ₦1,075 to ₦1,020 per litre.
In a statement, the company said the price cut is part of its effort to support customers and Nigerians.
Since starting diesel production in January 2024, the refinery has reduced prices more than three times—from an initial ₦1,700 per litre to the current rate. This has brought relief to manufacturers and consumers.
Recently, Dangote Refinery also lowered the ex-depot price of petrol from ₦950 per litre to ₦890 due to market conditions.
For years, Nigeria depended on imported fuel because its state-owned refineries were not working. This caused fuel shortages and long queues at filling stations.
After the government removed fuel subsidies in May 2023, petrol prices jumped from around ₦200 per litre to over ₦1,000 per litre, making life harder for Nigerians. Many rely on petrol generators due to poor electricity supply.
Billionaire Aliko Dangote launched the ₦20 billion refinery in December 2023. The facility, located in Lagos, started with 350,000 barrels per day and aims to reach full capacity of 650,000 barrels per day by the end of 2024. It has already begun supplying diesel, aviation fuel, and petrol to marketers.
In 2024, the Nigerian National Petroleum Company Limited (NNPCL) announced that the Port Harcourt and Warri refineries are now operational, and petrol loading has resumed.