President Bola Ahmed Tinubu today signed four pivotal tax reform bills into law, marking a significant milestone in Nigeria’s economic governance. The President described this legislative action as ushering in a “bold new era” for the nation’s financial landscape, aimed at fostering economic growth and providing substantial relief to its citizens.
The historic signing ceremony took place at the State House, with key principal officers of the National Assembly in attendance, including the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, among other dignitaries. Their presence underscored the collaborative effort between the executive and legislative arms of government in pushing through these crucial reforms.
President Tinubu emphasized that these reforms extend far beyond mere streamlining of existing tax codes. He highlighted their core objective as delivering “the first major, pro-people tax cuts in a generation.” This commitment to the welfare of ordinary Nigerians is a central tenet of the new policy.
Specifically, the President stated that the newly enacted laws are designed to provide targeted financial relief for low-income earners, support the growth of small businesses, and ease the economic burden on families striving to make ends meet across the country. This focus on vulnerable segments of society is expected to stimulate economic activity from the grassroots up.
The four bills, now officially Acts of the National Assembly, are:
The Nigeria Tax Bill (Fair Taxation)
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill
The Joint Revenue Board (Establishment) Bill
Collectively, these new laws are set to fundamentally transform Nigeria’s taxation system. President Tinubu articulated that the policy aims to unify the country’s currently fragmented tax system, which has long been a source of inefficiency and complexity. Furthermore, the reforms are expected to eliminate wasteful duplications in tax collection, significantly cut down on bureaucratic red tape, and restore much-needed investor confidence by creating a more predictable and transparent tax environment. The President also stressed that the reforms will entrench greater transparency and coordination at every level of tax administration.
Today’s signing is seen as a strong indicator of the Tinubu administration’s commitment to economic restructuring and its promise to create a more equitable and efficient financial system for all Nigerians.
