President Bola Tinubu is set to sign four pivotal tax reform bills into law on Thursday, a development poised to significantly reshape Nigeria’s tax and revenue framework. This was confirmed in a statement released on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, titled “President Tinubu signs four tax bills into law tomorrow.”
The legislation includes:
- Nigeria Tax Bill (Ease of Doing Business)
- Nigeria Tax Administration Bill
- Nigeria Revenue Service (Establishment) Bill
- Joint Revenue Board (Establishment) Bill
These bills, passed by the National Assembly following extensive consultations with stakeholders, aim to modernize and streamline Nigeria’s tax system, enhance compliance, and drive revenue growth.
According to Onanuga, the new tax laws are expected to improve the business environment, attract both local and foreign investment, and optimize tax administration across all tiers of government.
The signing ceremony at the Presidential Villa in Abuja will be attended by key government officials, including Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, Senate Leader Opeyemi Bamidele, House Majority Leader Julius Ihonvbere, Chairmen of the Senate and House Finance Committees Sani Musa and James Faleke respectively, as well as Governors Abdulrahman Abdulrazaq and Hope Uzodinma.
Also present will be Finance Minister and Coordinating Minister of the Economy, Wale Edun, and the Attorney General of the Federation, Lateef Fagbemi.
Overview of the Four Tax Reform Bills:
- Nigeria Tax Bill (Ease of Doing Business):
Consolidates existing tax laws into a unified framework, reduces the number of taxes, eliminates redundancies, and simplifies compliance—creating a more predictable and business-friendly tax environment. - Nigeria Tax Administration Bill:
Standardizes tax administration procedures across federal, state, and local governments, promoting consistency, efficiency, and improved service delivery. - Nigeria Revenue Service (Establishment) Bill:
Replaces the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS), a more autonomous and performance-driven agency with expanded responsibilities, including the collection of non-tax revenues. The NRS will operate with enhanced transparency and accountability measures. - Joint Revenue Board (Establishment) Bill:
Establishes a unified governance framework for collaboration among tax authorities nationwide. It also introduces key oversight institutions such as the Tax Appeal Tribunal and the Office of the Tax Ombudsman to uphold taxpayer rights and ensure fair dispute resolution.
These reforms mark a significant step toward a more efficient, equitable, and investment-friendly tax system in Nigeria.
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