President Tinubu announced plans to pass the bills to the parliament during his Independence Day broadcast.

President Bola Tinubu has transmitted four tax reform bills to the National Assembly for consideration.

Mr Tinubu, who is currently on vacation in London, sent the bills via a letter addressed to the Speaker of the House, Abbas Tajudeen. The letter was read on the floor of the House on Thursday during plenary.

Senate President Godswill Akpabio read the president's letter during Thursday's plenary of the upper chamber.

Mr Akpabio, after that, referred it to the Senate Committee on Finance for consideration and asked it to report back within three weeks.

The bills are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.

The others are the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.

Mr Tinubu said the bills were designed to support his administration's objectives and strengthen fiscal institutions in the country.

"The proposed tax bills present substantial benefits that align with my government's objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime," he said.

The president further stated that he was confident that if the bills were passed, they would encourage and stimulate the economy.

President Tinubu announced during his Independence Day broadcast plans to transmit the bills to the parliament for passage.

Last year, he set up the Taiwo Oyedele Fiscal Policy and Tax Reform Committee.

The committee was mandated to create a system to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilisation of tax and other revenues to boost citizens' tax morale, foster a healthy tax culture, and drive voluntary compliance.