President Bola Tinubu has officially signed into law four critical tax reform bills that are set to overhaul Nigeria’s fiscal and revenue systems. The signing ceremony took place at the Aso Rock Presidential Villa in Abuja on Thursday at approximately 3:20 pm local time.
The four bills enacted include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These legislative measures were passed by the National Assembly following extensive consultations with stakeholders and interest groups over several months.
Okay.ng reports that the new legal framework aims to significantly improve tax administration, enhance revenue generation, and foster a more conducive environment for both domestic and foreign investments. According to Onanuga, “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.”
The presidential assent was witnessed by key government officials, including the Senate President, the Speaker of the House of Representatives, the Senate Majority Leader, and the House Majority Leader. Also present were the chairmen of the Senate and House Committees on Finance, the Chairman of the Governors Forum Abdulrahman Abdulrazaq, Chairman of the Progressives Governors Forum Hope Uzodinma, Minister of Finance Wale Edun, and Attorney General Lateef Fagbemi.
The Nigeria Tax Bill aims to consolidate Nigeria’s fragmented tax laws into a single, harmonized statute. The Presidency explained that the bill will “reduce the multiplicity of taxes and eliminate duplication,” thereby enhancing the ease of doing business and reducing the compliance burden on taxpayers.
The Nigeria Tax Administration Bill will establish a uniform legal and operational framework for tax administration across federal, state, and local governments. Meanwhile, the Nigeria Revenue Service (Establishment) Bill repeals the previous Federal Inland Revenue Service Act and creates a more autonomous and performance-oriented national revenue agency with an expanded mandate that includes non-tax revenue collection.
Lastly, the Joint Revenue Board (Establishment) Bill introduces a formal governance structure to improve cooperation between revenue authorities at all government levels. It also establishes oversight mechanisms such as a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
