THE TAX REFORM BILL AND THE NIGERIA REVENUE SERVICE: NEEDS, NECESSITY AND NATIONAL INTEREST

Abstract

On October 3, 2024, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, transmitted to the National Assembly, the Tax Reform Bill for consideration. The Tax Reform Bill comprising Nigerian Tax Bill (NTB) 2024; the Nigerian Tax Administration Bill (NTAB) 2024; the Nigeria Revenue service Establishment Bill (NRSEB) 2024, and the Joint Reserve Board Establishment Bill (JRBEB) 2024 seeks to consolidate multiple Tax laws in Nigeria into a single Act, thereby promoting efficient tax administration. The Nigeria Tax Bill vests upon the Nigeria Revenue Service powers to collect all national taxes, including royalties which is being collected by the Nigerian upstream Petroleum Regulatory Commission (NUPRC) and excise duties, import VAT etc. which is being collected by Nigeria Customs Service.  This paper examined the need, necessity and the national interest of the bill, the prospects and the pitfalls of a single tax net for Nigeria.  This paper finds that the imperfect nature of our current tax administration has made this reform not only a need but a necessity to promote National interest. This paper noted that there are surmountable challenges no doubt, but the payoff outweighs the challenges. This paper employs a doctrinal method of legal research which involves desk and library research.  among others a strategic public awareness of the importance of the bill and massive investment in technology to actualize the lofty objective of the bill.