Tinubu signs landmark Tax Reform Bills into Law
President Bola Ahmed Tinubu on Thursday signed into law four significant tax reform bills recently passed by the National Assembly, describing the moment as a pivotal step toward achieving economic prosperity and reform in Nigeria.
The new laws was part of the administration’s broader economic transformation agenda include the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
At the formal signing ceremony held at the State House, President Tinubu said the legislation signals a new dawn for the nation and future generations.
“We are in transit; we have changed the roads, we have changed some of the misgivings, we have opened the doors to a new economy, business opportunities,” he stated.
“We have shown the world that Nigeria is ready and open for business.”
The President praised the National Assembly for its leadership and courage in passing the bills despite initial hurdles.
"Nowhere in the world would tax reforms be easy,” Tinubu remarked, acknowledging the complexity of the task and the significance of the accomplishment.
The tax reform package aims to simplify and unify Nigeria’s tax system, improve transparency, and foster greater cooperation across federal, state, and local governments.
The Nigeria Revenue Service (Establishment) Bill, notably, replaces the Federal Inland Revenue Service Act, creating a more autonomous and performance-driven tax authority.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele commended the President’s commitment to reform.
“History will remember you for good,” he said, noting that the administration pursued structural change rather than superficial adjustments.
Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji expressed deep satisfaction, calling the enactment of the bills the “happiest day of his life” and a dream fulfilled.
Senate President Godswill Akpabio also lauded Tinubu’s visionary leadership, saying the reforms would “last for generations to come.”
The sweeping legislative milestone is seen by observers as a major leap forward in creating a more business-friendly environment, boosting revenue generation, and restoring investor confidence in Nigeria’s economic management.