Tinubu To Sign Four Tax Reform Bills Into Law On Thursday
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President Bola Tinubu will sign into law four groundbreaking tax reform bills on Thursday, transforming Nigeria’s fiscal and revenue framework.
According to a statement by presidential spokesperson Bayo Onanuga, the presidential assent to the bills at the Presidential Villa, Abuja, will be witnessed by the Senate President, the Speaker of the House of Representatives, the Senate Majority Leader, the House Majority Leader, the Chairman of the Senate Committee on Finance, and his House counterpart.
The Chairman of the Governors Forum, the Chairman of the Progressives Governors Forum, the Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation will also attend the ceremony.
By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.
The second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
The Nigeria Revenue Service (Establishment) Bill, the third bill, repeals the current Federal Inland Revenue Service Act and establishes a more autonomous and performance-driven national revenue agency—the Nigeria Revenue Service (NRS). It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
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 investment.
