Quick Summary:
- President Tinubu signed four major tax reform bills into law, marking a significant shift in Nigeria’s economic governance and tax administration.
- The reforms aim to provide tax relief for low-income earners, small businesses, and working families, making them the first major pro-people tax cuts in a generation.
- The new laws will unify Nigeria’s fragmented tax system, eliminate duplications, reduce bureaucracy, and promote transparency and coordination.
- The signed bills include the Nigeria Tax Bill (Fair Taxation), Tax Administration Bill, Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.
President Bola Tinubu has signed four groundbreaking tax reform bills into law, describing the move as the beginning of a bold new era in Nigeria’s economic governance.
The signing ceremony took place in Abuja and was witnessed by key figures, including Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas.
Reforms Aim to Deliver Pro-People Tax Cuts
President Tinubu emphasized that the tax reforms are not just administrative, but are designed to bring real relief to everyday Nigerians. He described the measures as “the first major, pro-people tax cuts in a generation.”
According to Tinubu, the reforms specifically target low-income earners, small businesses, and hardworking families who are striving to make ends meet.
Overview of the Newly Signed Acts
The four bills signed into law are:
- Nigeria Tax Bill (Fair Taxation)
- Nigeria Tax Administration Bill
- Nigeria Revenue Service (Establishment) Bill
- Joint Revenue Board (Establishment) Bill
These laws aim to create a more unified and effective tax framework across the country.
Goals: Simplification, Transparency, and Investor Confidence
Tinubu stated that the newly enacted policy will:
- Unify Nigeria’s fragmented tax system
- Eliminate wasteful duplications and bureaucracy
- Cut red tape and speed up processes
- Restore investor confidence
- Promote transparency and better coordination at all levels of government
“These reforms are about fairness, efficiency, and ultimately, growth,” Tinubu said, stressing that the new tax regime is built to support development and economic stability.