President Bola Ahmed Tinubu has officially signed four groundbreaking tax reform bills into law, marking a major milestone in Nigeria’s fiscal restructuring, as reported by The Nation.
The signing ceremony took place Thursday at the State House, Abuja, with key stakeholders from across the executive, legislative, and judiciary arms of government in attendance.
The new laws Nigerian Tax Law, Nigerian Tax Administration Law, National Revenue Service (Establishment) Law, and Joint Revenue Board (Establishment) Law aim to unify Nigeria’s previously fragmented tax system, reduce redundancies, and improve transparency and coordination at all levels of government.
Speaking shortly after the signing, President Tinubu emphasized that the reforms represent a “clear departure from outdated fiscal policies,” targeting support for low-income earners, working families, and small businesses.
“For too long, our tax system has been a patchwork complex, inequitable, and burdensome,” he said.
“That era ends today.”
According to the President, the reforms will simplify tax compliance, eliminate inefficiencies, and attract greater investor confidence, setting the stage for sustainable economic growth.
“We are laying a foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria,” Tinubu declared via his verified X account @officialABAT.
This legislative breakthrough follows months of deliberation by lawmakers and recommendations from the Presidential Tax Reform Committee.
The laws also introduce Nigeria’s first significant tax reliefs in a generation, providing targeted cuts aimed at easing the cost of living and boosting productivity.
Observers say the reforms could signal a new dawn for fiscal governance in Nigeria, as the administration prioritizes inclusive economic development and responsible revenue mobilization.
SOURCE: Hamzation