TINUBU TO SIGN FOUR TAX REFORM BILLS INTO LAW TO OVERHAUL NIGERIA’S FISCAL SYSTEM
President Bola Tinubu will, on Thursday, sign into law four landmark tax reform bills aimed at overhauling Nigeria’s fiscal and revenue framework, the Presidency has announced.
This development was disclosed in a statement issued Wednesday evening by the Special Adviser to the President on Information and Strategy, Bayo Onanuga. The statement, titled “President Tinubu signs four tax bills into law tomorrow,” revealed that the bills were recently passed by the National Assembly following extensive consultations with stakeholders across various sectors.
The bills scheduled for presidential assent include:
- The Nigeria Tax Bill (Ease of Doing Business)
- The Nigeria Tax Administration Bill
- The Nigeria Revenue Service (Establishment) Bill
- The Joint Revenue Board (Establishment) Bill
According to the Presidency, these laws are expected to streamline tax administration, increase government revenue, attract investment, and improve Nigeria’s business climate.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Onanuga noted.
The signing ceremony at the Presidential Villa in Abuja will be witnessed by key figures, including:
- Senate President Godswill Akpabio
- Speaker of the House of Representatives Tajudeen Abbas
- Senate Leader Opeyemi Bamidele
- House Majority Leader Julius Ihonvbere
- Chairman, Senate Committee on Finance Sani Musa
- Chairman, House Committee on Finance James Faleke
- Chairman of the Nigeria Governors Forum, Abdulrahman Abdulrazaq
- Chairman of the Progressives Governors Forum, Hope Uzodinma
- Minister of Finance and Coordinating Minister of the Economy, Wale Edun
- Attorney General of the Federation, Lateef Fagbemi
Highlights of the Bills:
The Nigeria Tax Bill (Ease of Doing Business) seeks to harmonise the country’s fragmented tax laws, eliminate duplicate taxes, and reduce the burden on taxpayers—ultimately fostering a more predictable and business-friendly fiscal environment.
The Nigeria Tax Administration Bill introduces a unified legal framework for tax administration at the federal, state, and local levels, streamlining processes and enforcement across government tiers.
The Nigeria Revenue Service (Establishment) Bill will replace the current FIRS Act, establishing the Nigeria Revenue Service (NRS) as an autonomous, performance-driven agency with an expanded mandate to collect both tax and non-tax revenues. It also sets higher standards for transparency and efficiency.
The Joint Revenue Board (Establishment) Bill creates a formal structure to enhance collaboration among federal, state, and local tax authorities. It also introduces new oversight bodies like a Tax Appeal Tribunal and an Office of the Tax Ombudsman to address disputes and improve taxpayer confidence.
The tax reforms form a critical part of President Tinubu’s economic agenda, aimed at modernizing Nigeria’s revenue system and boosting investor confidence in the country’s fiscal policy.
