President Bola Ahmed Tinubu is set to sign four transformative tax reform bills into law on Thursday, June 27, in a major move aimed at overhauling Nigeria’s tax system and boosting economic growth.
The bills, recently passed by the National Assembly, include:
1. Nigeria Tax Reform (Ease of Doing Business) Bill
2. Nigeria Tax Administration Bill
3. Nigeria Revenue Service (Establishment) Bill
4. Joint Revenue Board (Establishment) Bill
Â
The signing ceremony will take place at the Presidential Villa in Abuja, with top government officials and key stakeholders in attendance. Expected at the event are the Senate President, Speaker of the House of Representatives, Senate and House Majority Leaders, chairmen of the Finance Committees, as well as the Chairman of the Nigerian Governors Forum, the Attorney General of the Federation, and the Minister of Finance and Coordinating Minister of the Economy.
What the New Tax Laws Mean for Nigeria
These four new laws are expected to reshape Nigeria’s fiscal landscape by improving revenue generation, simplifying the tax environment, and creating a more transparent and investor-friendly economy.
The Nigeria Tax Bill aims to consolidate existing tax statutes and reduce the burden of multiple taxation, ultimately enhancing ease of doing business across the country.
The Nigeria Tax Administration Bill introduces a unified legal framework for tax processes across federal, state, and local levels, promoting consistency and reducing conflicts.
The Nigeria Revenue Service Bill replaces the Federal Inland Revenue Service Act and establishes the Nigeria Revenue Service (NRS), a more autonomous and performance-driven agency responsible for tax and non-tax revenue collection.
The Joint Revenue Board Bill creates a new governance structure for coordination among federal, state, and local tax bodies. It also introduces reforms such as the creation of a Tax Appeal Tribunal and an Office of the Tax Ombudsman to ensure greater oversight, transparency, and fairness in the system.
This historic development aligns with President Tinubu’s Renewed Hope Agenda, which aims to modernize public finance management, attract investment, and enhance trust in government institutions.
