President Bola Ahmed Tinubu on Thursday signed into law four major tax reform bills passed by the National Assembly, marking a significant step in the administration’s drive to overhaul the nation’s fiscal framework and open up economic opportunities.
The announcement was made in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
The new legislations are: the Nigeria Tax Bill (Ease of Doing Business), which seeks to unify and streamline the country’s complex tax system; the Nigeria Tax Administration Bill, which introduces a consistent legal and operational guide for tax processes across all levels of government; the Nigeria Revenue Service (Establishment) Bill, which dissolves the Federal Inland Revenue Service and ushers in a new, autonomous Nigeria Revenue Service; and the Joint Revenue Board (Establishment) Bill, which aims to formalise collaboration among tax bodies nationwide.
Speaking during the signing ceremony at the Presidential Villa, Tinubu said the fresh legal framework offers renewed hope to Nigerians and signals a new direction for national development.
He noted that while the legislative process was not without hurdles, the eventual passage of the bills demonstrated commitment and bold decision-making on the part of the National Assembly.
We are in transit; we have changed the roads, we have changed some of the misgivings, we have opened the doors to a new economy, and business opportunities. We have shown the world that Nigeria is ready and open for business.
“It was initially difficult, but not all roads will be easy in nation-building. What you have provided is leadership and courage in the face of mounting disputes. Nowhere in the world would tax reforms be easy,” the President said.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, applauded the President for giving the committee the latitude to function independently while offering critical guidance. He described the reform as a turning point that would be remembered as a catalyst for change.
Also speaking, Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service, expressed joy at the transformation of the nation’s tax landscape, calling the moment a personal milestone.
Senate President Godswill Akpabio lauded President Tinubu’s foresight and leadership, noting that the newly signed laws would have a lasting impact on the country’s economic future.
He also praised members of the National Assembly and other stakeholders for their role in ensuring the smooth passage of the bills.
