President Bola Tinubu, on Thursday, June 26, has signed four key tax reform bills into law at the Presidential Villa in Abuja, ushering in a new era of fiscal policy in Nigeria.
The event attended by the Senate President, Speaker of the House, leaders of both chambers, finance committee chairs, the Minister of Finance and Coordinating Minister of the Economy, the Attorney General, as well as governors and governors’ forum heads signalled broad government backing for the measures.
One of the newly enacted bills, the Nigeria Tax Bill, is designed to streamline the tax system by consolidating fragmented legislation into a singular, coherent framework. The goal is to simplify compliance, eliminate overlapping taxes, and create an environment more conducive to business.
The Nigeria Tax Administration Bill complements this by standardizing the legal and practical framework for tax collection across federal, state, and local governments.
Replacing the old Federal Inland Revenue Service Act, the Nigeria Revenue Service (Establishment) Bill establishes a more autonomous and performance-driven national revenue agency. This new body will have an expanded mandate that includes non‑tax revenue collection and enhanced transparency and accountability measures.
The fourth, the Joint Revenue Board (Establishment) Bill, sets up a formal mechanism for cooperation among tax authorities at all levels of government. It also establishes oversight bodies, including a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
According to presidential spokesman Bayo Onanuga, these measures 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”.
These reforms echo the National Assembly’s earlier passage of the four bills after extensive consultations and a legislative process that involved revisions, including the retention of VAT at 7.5 percent despite earlier proposals to raise it.
President Tinubu’s assent now activates these reforms, aligning with his broader economic agenda aimed at improving fiscal stability and reviving investor confidence in Nigeria.
