President Bola Tinubu has officially signed four landmark tax reform bills into law, marking a significant shift in Nigeria’s fiscal and revenue system.
The signing ceremony took place at the Aso Rock Presidential Villa in Abuja at about 3:20 p.m. on Thursday.
The newly enacted laws are: Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill and Joint Revenue Board (Establishment) Bill.
These bills were passed by the National Assembly following extensive consultations with stakeholders and interest groups across various sectors.
According to Presidential Spokesman Bayo Onanuga, the implementation of the new laws is expected to overhaul Nigeria’s tax administration, improve revenue collection, enhance the business climate, and attract both local and foreign investments.
The signing was witnessed by top government officials, including the Senate President, Speaker of the House, majority leaders from both chambers, and key committee heads on finance. Also present were Kwara State Governor Abdulrahman Abdulrazaq, Imo State Governor Hope Uzodinma, Finance Minister Wale Edun, and Attorney General Lateef Fagbemi.
One of the bills, the Nigeria Tax Bill (Ease of Doing Business), seeks to consolidate various tax laws into a single, streamlined framework. It aims to cut down overlapping taxes and ease compliance for businesses.
The Nigeria Tax Administration Bill establishes a standardized legal and operational system for tax administration at federal, state, and local levels.
The Nigeria Revenue Service (Establishment) Bill replaces the existing FIRS Act with a more autonomous, performance-driven agency responsible for tax and non-tax revenue collection, under stricter transparency and accountability guidelines.
The Joint Revenue Board (Establishment) Bill introduces a formal structure for collaboration among revenue authorities. It also provides for key oversight bodies such as the Tax Appeal Tribunal and the Office of the Tax Ombudsman.
These reforms aim to create a more unified, efficient, and investor-friendly tax environment in Nigeria.
Advertisement