Nigeria tax reform bills signed into law by Tinubu to modernise revenue framework, attract investment and simplify tax administration nationwide
President Bola Tinubu will on Thursday sign into law four major pieces of legislation—Nigeria tax reform bills signed into law by Tinubu—marking a significant step in overhauling the nation’s fiscal and revenue architecture.
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This was disclosed on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement titled “President Tinubu signs four tax bills into law tomorrow.”
The bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.
All were passed by the National Assembly following extensive consultations with industry stakeholders, tax experts, and the business community.
“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 official signing ceremony at the Presidential Villa, Abuja, will be attended by Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, Senate Leader Opeyemi Bamidele, House Leader Julius Ihonvbere, Chairmen of the Finance Committees in both chambers, as well as Governor Abdulrahman Abdulrazaq (Chairman of the Nigeria Governors Forum) and Governor Hope Uzodinma (Chairman of the Progressives Governors Forum).
These tax reforms will modernise Nigeria’s fiscal framework and attract more investments.
Also expected are Finance Minister Wale Edun and Attorney-General Lateef Fagbemi.
One of the four laws, the Nigeria Tax Bill (Ease of Doing Business), aims to harmonise the country’s fragmented tax laws, eliminating duplication and reducing compliance costs.
This is designed to simplify tax filing, improve predictability, and make Nigeria a more attractive destination for business.
The Nigeria Tax Administration Bill introduces a unified legal framework for tax administration at federal, state, and local government levels.
It seeks to improve collaboration and reduce conflict among different tax authorities.
The Nigeria Revenue Service (Establishment) Bill repeals the current FIRS Act and replaces it with a more autonomous Nigeria Revenue Service (NRS), tasked with collecting both tax and non-tax revenues.
It introduces clear accountability measures and performance benchmarks for the agency.
The fourth law, the Joint Revenue Board (Establishment) Bill, creates a formal structure for cooperation between revenue agencies.
It also establishes a Tax Appeal Tribunal and an Office of the Tax Ombudsman to resolve disputes efficiently and protect taxpayer rights.
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The signing of the Nigeria tax reform bills signed into law by Tinubu signals a bold step toward strengthening public finance and promoting sustainable economic growth.
