President Bola Tinubu has signed the four tax reform bills into law, stating that it marks a new dawn for the country.
He announced this in his official X handle on Thursday, June 26.
He said, “I have just signed into Law the four fiscal reform bills. It is a new dawn for Nigeria.
The ICIR reports that the four bills passed into law were the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Now an Act, the Nigerian Tax Act aims to merge the country’s tax laws into a single, unified system, while the Nigerian Tax Administration Act creates uniform procedures for tax collection across federal, state, and local governments, replacing the current patchwork of different systems.
The Nigeria Revenue Service (Establishment) Act gives the tax collection agency greater independence and expanded powers, including collecting non-tax revenue.
The Joint Revenue Board (Establishment) Act will set up formal cooperation structures between different levels of government and create oversight bodies, including a Tax Appeal Tribunal and the Office of the Tax Ombudsman.
President Tinubu had expressed that the four landmark tax reform acts would usher in a bold new era of economic governance in the country.
He believes these reforms will go beyond streamlining tax codes to deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
“The four bills – the Nigeria Tax Bill (Fair Taxation), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level,” he said.
He noted that for too long, Nigeria’s tax system has been a patchwork, complex, inequitable, and burdensome, stressing that it has weighed down the vulnerable and shielded inefficiency.
“That era ends today. We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity.
“We are also building a framework for the Nigeria of tomorrow — leaner, fairer, and laser-focused on unlocking opportunities for all,” Tinubu said.
He, however, expressed that the move is the beginning of a journey, not an end.
“We are not just signing tax bills but rewriting the social contract. We are not there yet, but we are firmly on the road.
“This is our rallying cry: Simplify. Reform. Grow. Let the world know that Nigeria is open for business, and this time, everyone has a fair shot. We are betting on a new Nigeria and building it block by block,” the President said.
Notably, top government officials witnessed the signing ceremony, held at the Presidential Villa in Abuja.
They include the President of the Senate, Godwill Akpabio, Speaker of the House of Representatives, Tajudeen Abbas, Senate Majority Leader, Opeyemi Bamidele, and House of Representatives Majority Leader, Julius Ihonvbere. Others include the chairman of the Senate Committee on Finance, Mohammed Sani Musa, and the House of Representatives Committee chairman on Finance, James Faleke.
Others were the Chairman of the Nigeria Governors’ Forum, Abdulrahman Abdulrazaq of Kwara State and the Chairman of the Progressive Governors’ Forum, Hope Uzodimma. Others also include the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Attorney General of the Federation, Lateef Fagbemi.