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Renewed smiles on the faces of Nigerians as President Tinubu signs four landmark tax reform bills
President Bola Tinubu on Thursday signed into law four landmark tax reform bills recently passed by the National Assembly. The signing ceremony took place at the Presidential Villa and was attended by key government figures, including Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, principal officers of the Senate and House, as well as chairmen of both chambers’ finance committees.
The four newly enacted laws are:
• Nigeria Tax Bill
• Nigeria Tax Administration Bill
• Nigeria Revenue Service (Establishment) Bill
• Joint Revenue Board (Establishment) Bill
The bills aim to modernize Nigeria’s tax framework, enhance efficiency in revenue collection, and ease the burden of taxation on individuals and businesses. The legislation follows wide-ranging consultations with stakeholders and interest groups across the country.
According to President Tinubu, the reforms are part of his administration’s broader economic strategy to build a transparent, investor-friendly, and effective tax system. He emphasized that the new laws are designed to eliminate multiple taxation, streamline compliance, and attract investment.
The Nigeria Tax Bill seeks to unify the country’s fragmented tax laws, simplify compliance, and boost the ease of doing business. The Tax Administration Bill introduces a harmonized system for tax collection across federal, state, and local levels to promote efficiency and consistency.
The Nigeria Revenue Service (Establishment) Bill replaces the Federal Inland Revenue Service (FIRS) with a newly structured Nigeria Revenue Service (NRS), expanding its role to include non-tax revenue collection and reinforcing transparency and performance standards. It also creates a Tax Appeal Tribunal and a Tax Ombudsman’s Office to safeguard taxpayer rights and improve dispute resolution.