On Thursday, the Senate passed the final two tax reform bills submitted by President Bola Tinubu’s administration, completing the approval of all four proposed laws.
This comes a day after the Senate had already passed two of the bills, with the remaining pair receiving the green light today.
The legislation will now undergo harmonization by a joint committee of the Senate and House of Representatives before being presented to President Tinubu for assent. 
The four executive bills include the Joint Revenue Board Establishment Bill, the Nigeria Revenue Service Establishment Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill—all aimed at overhauling and modernizing Nigeria’s tax system.
Senate President Godswill Akpabio, in an earlier statement, praised the move, calling it “a step in the right direction” that would significantly improve governance and transform the country’s revenue collection processes.
In another major development, Nigeria has cleared all outstanding debts to the International Monetary Fund (IMF), officially exiting the list of debtor nations.
As of 2023, Nigeria owed the IMF $1.61 billion. However, under a repayment strategy initiated by President Tinubu’s administration, the debt was reduced to $472 million by January 2025 and has now been fully repaid as of May 2025.
This milestone was confirmed in the latest update on the IMF’s website, and reiterated by O’tega Ogra, Senior Special Assistant to the President on Digital Engagement and Strategy, via a post on his account.
