Tinubu Signs Landmark Tax Bills, Declares New Era for Nigeria’s Economic Reforms
President Bola Ahmed Tinubu has signed into law four significant tax reform bills recently passed by the National Assembly, describing them as essential pillars of his administration’s economic reform agenda and a new beginning for Nigeria’s prosperity.
The signing ceremony, held at the Presidential Villa in Abuja on Thursday, marks a major milestone in Nigeria’s quest to simplify its tax system, improve revenue collection, and support business growth across the country.
The newly enacted laws include:
The Nigeria Tax Bill This law consolidates the country’s numerous and fragmented tax legislations into a single, harmonised statute, aimed at reducing the cost of compliance and fostering a more business-friendly environment.
The Nigeria Tax Administration Bill
Designed to create a uniform legal and operational framework for tax administration across federal, state, and local governments.
It is expected to eliminate inconsistencies and streamline tax operations nationwide.
The Nigeria Revenue Service (Establishment) Bill This bill repeals the Federal Inland Revenue Service (FIRS) Act and establishes the Nigeria Revenue Service (NRS), a more autonomous and performance-driven agency responsible for national revenue collection.
The Joint Revenue Board (Establishment) Bill Provides a statutory governance structure to enhance coordination and collaboration between revenue authorities at all levels, reducing duplication of efforts and improving overall tax governance.
Speaking at the event, President Tinubu described the moment as historic and transformative for Nigeria’s fiscal landscape.
“What we did a few minutes ago is the way forward for our country’s prosperity,” Tinubu stated.
“Leadership must help people take off, lead the way, and navigate every turn and twist. We must help them reach their destination. That is what we are doing.”
The President emphasized that the reforms are targeted at building a modern, transparent, and efficient tax system that works for all Nigerians, especially small businesses and low-income earners. He also highlighted the exclusion of Nigerians earning below ₦250,000 monthly from income tax as part of a broader push for equitable taxation.
Tinubu praised the National Assembly for its cooperation and swift passage of the bills, and commended the Presidential Committee on Fiscal Policy and Tax Reforms led by Taiwo Oyedele for its strategic contributions.
The laws are expected to improve Nigeria’s global tax ranking, reduce disputes between taxpayers and authorities, and increase revenue generation to fund public services and infrastructure.
Stakeholders in the finance and business sectors have welcomed the reforms, describing them as a long-overdue overhaul of Nigeria’s outdated tax framework and a positive step toward sustainable economic growth.
