President Bola Tinubu has signed four groundbreaking tax reform bills into law on Thursday, transforming Nigeria’s fiscal and revenue framework.
The bills, which were passed by the National Assembly after extensive consultations, aim to significantly enhance tax administration, increase revenue generation, and boost both domestic and foreign investments.
These bills will consolidate Nigeria’s fragmented tax laws into a harmonised statute, reducing multiple taxes and eliminating duplication. This will enhance the ease of doing business and create a more predictable fiscal environment. They will also establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
Additionally, the bills will repeal the current Federal Inland Revenue Service Act and establish a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS), with an expanded mandate, including the collection of non-tax revenues. The NRS will implement mechanisms for transparency, accountability, and efficiency.
Furthermore, the bills provide a formal governance structure to facilitate cooperation between revenue authorities at all levels of government, introducing essential oversight mechanisms, including a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
The signing ceremony will be attended by prominent officials, including the Senate President, the Speaker of the House of Representatives, and the Minister of Finance.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, these bills will transform Nigeria’s tax landscape, promoting economic growth and development.
