PRESIDENT Bola Tinubu will sign four major tax reform bills into law today, Thursday, June 26, in a ceremony at the Presidential Villa.
The event will mark what officials say is a new era of transformation in Nigeria’s tax system.
The bills, passed by the National Assembly after months of consultations with stakeholders, aim to streamline tax collection, reduce business compliance burdens, and boost government revenue generation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced the planned signing on Wednesday in a statement titled ‘President Tinubu signs four tax bills into law tomorrow.’
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Onanuga said.
The four pieces of legislation are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Senior government officials will witness the signing, including the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, and chairmen of both chambers’ Finance Committees.
Also attending are the Chairman of the Governors Forum, Abdulrahman Abdulrazaq of Kwara State; the Chairman of the Progressives Governors Forum, Hope Uzodinma of Imo State; Finance Minister Wale Edun; and Attorney General Lateef Fagbemi.
The Nigerian Tax Bill aims to merge the country’s tax laws into a single, unified system.
According to the Presidency, “By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.”
In addition, the Nigerian Tax Administration Bill will create uniform procedures for tax collection across federal, state, and local governments, replacing the current patchwork of different systems.
The third bill will replace the Federal Inland Revenue Service with a new Nigeria Revenue Service, consequently giving the tax collection agency greater independence and expanded powers, including collecting non-tax revenue.
The Joint Revenue Board (Establishment) Bill will set up formal cooperation structures between different levels of government and create oversight bodies, including a Tax Appeal Tribunal and Office of the Tax Ombudsman.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.