Tinubu to Enact Four Major Tax Reform Bills into Law
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President Bola Ahmed Tinubu is poised to sign four significant Tax Reform Bills into law, a landmark step in his administration’s push to overhaul Nigeria’s fiscal system and attract more investment.
The bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
After thorough consultations with stakeholders and detailed technical reviews, the National Assembly recently approved all four bills.
The official signing ceremony is scheduled for Thursday at the State House in Abuja, with top government officials and business leaders expected to attend.
In a statement released Wednesday, Bayo Onanuga, the President’s Special Adviser on Information and Strategy, described these laws as a cornerstone of Tinubu’s wider economic reform agenda. The reforms aim to simplify tax compliance, enhance the efficiency of tax collection, and position Nigeria as a more appealing destination for both local and international investors.
“These laws will revolutionize tax administration in Nigeria, resulting in higher revenue, a better business climate, and increased domestic and foreign investment,” the statement said.
The new tax framework is also expected to tackle long-standing issues with Nigeria’s complicated tax system, eliminate obstacles in tax collection, and promote greater transparency in fiscal management.
Experts believe this initiative could help Nigeria boost non-oil revenue streams, lessen dependence on borrowing, and create a more stable financial foundation for national development projects.
