The Institute of Chartered Accountants of Nigeria (ICAN) has praised President Bola Tinubu for signing into law four key tax reform bills aimed at overhauling Nigeria’s fiscal and revenue landscape.
Speaking at the investiture ceremony of Sani Danbaba as the 5th Chairman of the ICAN Gwagwalada and District Society in the Federal Capital Territory, ICAN President Malam Haruna Yahaya commended the President for what he described as a comprehensive and innovative approach to tax reform.
Represented by Council Member Matthias Dafur, Yahaya said the new tax legislation would significantly ease the tax burden, especially for low-income earners, by addressing outdated tax provisions that have been in place for more than 50 years.
The News Agency of Nigeria (NAN) reports that the event also included the inauguration of the district’s new Executive Committee.
President Tinubu signed the four tax bills—the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill during a ceremony at the Aso Rock Presidential Villa last Thursday. The bills, passed by the National Assembly following months of stakeholder consultations, are expected to strengthen Nigeria’s tax administration and compliance.
In his remarks, newly installed District Chairman Sani Danbaba also lauded the President’s efforts, noting that the consolidation of key tax frameworks into a single legislation will streamline processes for businesses and government agencies alike.
Danbaba pledged that under his leadership, the district would prioritize engagement with micro, small, and medium-sized enterprises (MSMEs), which he identified as the backbone of the Nigerian economy, accounting for about 60 percent of national economic activities.
“We aim to explore how we can add value to MSMEs in our locality to support their growth and sustainability,” he said.
Also speaking at the event, the outgoing district chairman, Sosanwo Akinwunmi, congratulated the new executive team and urged them to build on the progress achieved by the previous administration.
Advertisement
