President Bola Ahmed Tinubu has signed into law four landmark tax reform bills aimed at overhauling Nigeria’s fiscal framework, improving tax administration, and creating a more business-friendly environment.
The bills were signed at a ceremony held Thursday afternoon at the Aso Rock Presidential Villa, Abuja, with the signing taking place at about 3:20 p.m. local time.
Grassroots Parrot reports that the newly enacted laws include Nigeria Tax Bill (Ease of Doing Business), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill and Joint Revenue Board (Establishment) Bill.
“These reforms mark a significant milestone in the modernization of Nigeria’s tax system,” said Bayo Onanuga, Special Adviser to the President on Information and Strategy.
“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.” He added.
The signing ceremony was attended by top government officials, including the Senate President, the Speaker of the House of Representatives, the Senate and House Majority Leaders, and the chairmen of both chambers’ finance committees.
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Also present were Kwara State Governor Abdulrahman Abdulrazaq, Chairman of the Nigeria Governors’ Forum; Imo State Governor Hope Uzodinma, Chairman of the Progressives Governors Forum; Minister of Finance and Coordinating Minister of the Economy Wale Edun; and Attorney General of the Federation Lateef Fagbemi.
One of the key pieces of legislation, the Nigeria Tax Bill (Ease of Doing Business), seeks to consolidate and simplify the country’s complex tax laws into a single, harmonized statute.
According to a statement from the Presidency, the bill “will reduce the multiplicity of taxes, eliminate duplication, ease taxpayer compliance burdens, and create a more predictable fiscal environment.”
The Nigeria Tax Administration Bill sets out a unified legal and operational framework for tax administration at the federal, state, and local government levels, aiming to enhance coordination and efficiency.
The Nigeria Revenue Service (Establishment) Bill replaces the existing Federal Inland Revenue Service Act with a more autonomous and performance-oriented Nigeria Revenue Service (NRS).
The NRS will not only be responsible for tax collection but also non-tax revenue, operating under strengthened principles of transparency and accountability.
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The fourth law, the Joint Revenue Board (Establishment) Bill, formalizes cooperation between revenue agencies across government tiers.
It also introduces critical oversight structures, including a Tax Appeal Tribunal and the Office of the Tax Ombudsman, to resolve disputes and improve taxpayer confidence.
The comprehensive tax reform package, shaped by extensive consultations with stakeholders and endorsed by the National Assembly, is expected to reshape Nigeria’s fiscal landscape and signal a more business-friendly approach to taxation.