Tinubu Signs Four Groundbreaking Tax Reform Bills into Law
President Bola Tinubu on Thursday signed into law four transformative tax reform bills recently passed by the National Assembly, marking a significant milestone in Nigeria’s journey toward a more transparent, efficient, and business-friendly tax system.
The signing ceremony, held at the Presidential Villa, was attended by key government officials including Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, principal officers of both chambers, and chairmen of their finance committees.
The newly enacted laws are:
- Nigeria Tax Bill
- Nigeria Tax Administration Bill
- Nigeria Revenue Service (Establishment) Bill
- Joint Revenue Board (Establishment) Bill
These reforms aim to modernize Nigeria’s outdated tax structure, reduce the burden on individuals and businesses, and streamline revenue collection. The legislative process included broad consultations with stakeholders across various sectors.
President Tinubu stated that the reforms are central to his administration’s economic agenda, which seeks to foster a transparent, investor-friendly environment. He emphasized the importance of eliminating multiple taxation, simplifying compliance procedures, and boosting investor confidence.
Highlights of the reforms include:
Nigeria Tax Bill: Unifies Nigeria’s fragmented tax laws and enhances the ease of doing business.
Tax Administration Bill: Introduces a harmonized tax collection framework across federal, state, and local governments.
Nigeria Revenue Service (Establishment) Bill: Establishes the Nigeria Revenue Service (NRS), replacing the FIRS, with an expanded mandate that includes non-tax revenue collection, enhanced transparency, and performance monitoring.
Joint Revenue Board Bill: Strengthens inter-agency collaboration and coordination in tax administration nationwide.
Additionally, the reforms establish a Tax Appeal Tribunal and a Tax Ombudsman’s Office to uphold taxpayer rights and ensure fair dispute resolution.
These laws signal a new era of tax governance in Nigeria, aimed at driving economic growth, improving compliance, and enhancing public trust in the system.
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