Signing Of Tax Bills Into Law - NEWS AGENCY OF NIGERIA

Muhyideen Jimoh
Jun, Thu, 2025

Tinubu signs 4 tax reform bills into law

59 total views today

By Muhyideen Jimoh

‎President Bola Tinubu has signed four landmark tax reform bills into law, marking what he called a bold new era of economic governance.

‎The brief ceremony was held on Thursday at the State House, Abuja, with the leadership of the National Assembly led by Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, in attendance.

‎The four new Acts are the Nigeria Tax Bill (Fair Taxation), Tax Administration Bill, Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

‎Tinubu emphasised that the reforms are not just administrative but will reshape the nation’s tax landscape for the better.

‎He said the new laws introduce Nigeria’s first major pro-people tax cuts in decades, aimed at reducing the burden on ordinary citizens.

“What we did few minutes ago is the way forward for our country revolution.

“Leadership must help the people to take off , lead the way on every turn twist and thorns of the road, you must help them get to their destination,” he said.

‎The President noted that the new laws will provide targeted relief for low-income earners, small businesses, and struggling families, helping them retain more of their hard-earned income.

‎According to Tinubu, the policy will unify Nigeria’s fragmented tax system, and eliminate overlapping functions across agencies.

‎He said that the reforms are designed to boost investor confidence, enhance transparency, and foster better coordination among tax authorities at all levels.

“We are in transit we have changed some of the misgivings . we have open the door for new economy and business opportunities.

“We are showing that Nigerian is truly ready and open for business,” he said.

‎The News Agency of Nigeria (NAN) reports that the President transmitted the proposed legislation to the National Assembly on October 3, 2024. (NAN)(www.nannews.ng)

Edited by Rotimi Ijikanmi

Tinubu to sign 4 tax bills into law, Thursday ‎

Muhyideen Jimoh
Jun, Wed, 2025

Economy/Business

Tinubu to sign 4 tax bills into law, Thursday ‎

104 total views today

‎By Muhyideen Jimoh

‎President Bola Tinubu will on Thursday sign into law, four critical tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

‎The Presidential Spokesperson, Mr Bayo Onanuga, disclosed this in a statement on Wednesday in Abuja.

‎The News Agency of Nigeria (NAN) reports that the bills are: The Nigeria Tax Bill, The Nigeria Tax Administration Bill, The Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill

‎The bills were passed by the National Assembly following extensive consultations with various interest groups and stakeholders.

‎Onanuga said once enacted, the new tax laws are expected to significantly improve tax administration in the country.

He said they are also projected to enhance revenue generation, improve the business environment, and boost both domestic and foreign investment.

‎According to him, the Nigeria Tax Bill (Ease of Doing Business), aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute

He said by reducing the multiplicity of taxes and eliminating duplications, the bill seeks to enhance the ease of doing business and reduce taxpayer compliance burdens.

‎”The Nigeria Tax Administration Bill, the second piece of legislation, will establish a uniform legal and operational framework for tax administration across the federal, state, and local governments.

“‎The third bill, the Nigeria Revenue Service (Establishment) Bill, repeals the existing Federal Inland Revenue Service Act and establishes a more autonomous, performance-driven national revenue agency— the Nigeria Revenue Service (NRS).

‎The fourth bill, the Joint Revenue Board (Establishment) Bill, provides for a formal governance structure to foster cooperation between revenue authorities at all levels of government.

‎It will also introduce essential oversight mechanisms, including the establishment of a Tax Appeal Tribunal and an Office of the Tax Ombudsman,” he said

Onanuga said the historic signing ceremony at the Presidential Villa, Abuja, will be witnessed by the Senate President and the Speaker of the House of Representatives.

‎Other attendees will include the Senate Majority Leader, the House Majority Leader, the Chairmen of the Senate and House Committees on Finance.

‎The Chairman of the Nigeria Governors’ Forum, Chairman of the Progressive Governors’ Forum, Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation will also be in attendance (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi