President Bola Tinubu, on Thursday, signed into law four newly passed tax bills, marking what he described as a significant step toward Nigeria’s economic transformation. The signing ceremony, held at the State House, was attended by top government officials and members of the National Assembly.
The new laws include:
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Nigeria Tax Bill (Ease of Doing Business) – aimed at consolidating fragmented tax laws into a unified statute.
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Nigeria Tax Administration Bill – which provides a uniform legal and operational framework for tax administration across all tiers of government.
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Nigeria Revenue Service (Establishment) Bill – this repeals the existing Federal Inland Revenue Service Act and establishes a more autonomous and performance-driven Nigeria Revenue Service (NRS).
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Joint Revenue Board (Establishment) Bill – designed to create a structured governance framework for cooperation among federal, state, and local revenue authorities.
President Tinubu hailed the legislation as foundational to his administration’s reform agenda, calling it a “new lease of life” for Nigerians and future generations.
“What we did a few minutes ago is the way forward for our country’s prosperity,” Tinubu said. “Leadership must help people take off, lead the way, and navigate every turn and twist. We must help them reach their destination. That is what we are doing.”
He also emphasized the new direction the country is taking, stating:
“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. We have shown the world that Nigeria is ready and open for business.”
The President commended the National Assembly for their cooperation and commitment in passing the bills, despite initial challenges.
Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, described the day as “the happiest day” of his life, underscoring the significance of the reforms to Nigeria’s revenue system.
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President Tinubu Signs Four Landmark Tax Bills into Law, Paving Way for Economic Reforms
In a major milestone for Nigeria’s economic transformation agenda, President Bola Ahmed Tinubu on Thursday signed into law four critical tax reform bills passed by the National Assembly. The historic event, which took place at the Presidential Villa in Abuja, is being hailed as a significant step toward simplifying tax administration, boosting investor confidence, and enhancing revenue generation across the country.
The newly enacted legislations include:
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Nigeria Tax Bill (Ease of Doing Business) – Designed to harmonize Nigeria’s previously fragmented tax statutes into a unified and business-friendly framework.
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Nigeria Tax Administration Bill – Establishes a standardized legal and operational structure for tax administration across federal, state, and local governments.
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Nigeria Revenue Service (Establishment) Bill – Replaces the Federal Inland Revenue Service Act with provisions to create the Nigeria Revenue Service (NRS), a more autonomous and performance-oriented revenue authority.
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Joint Revenue Board (Establishment) Bill – Sets up a formal governance structure to foster collaboration among tax agencies at all levels of government.
President Tinubu described the signing as a turning point for national prosperity, emphasizing the role of leadership in driving reforms.
“What we did a few minutes ago is the way forward for our country’s prosperity. Leadership must help people take off, lead the way, and navigate every turn and twist. We must help them reach their destination,” the President said.
He added that the country is undergoing a bold transition, opening new economic opportunities and signaling to the world that Nigeria is ready for business.
“We have changed the roads, corrected misconceptions, and opened the doors to a new economy. This is a strong message that Nigeria is open and ready for business,” Tinubu remarked.
The President also lauded the leadership and members of the National Assembly for their swift action in passing the bills, despite early disagreements.
Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, described the occasion as the happiest day of his life, noting that the reforms will significantly enhance Nigeria’s capacity for efficient revenue mobilization.
With these laws now in effect, Nigeria takes a bold step toward creating a more transparent, inclusive, and business-friendly tax system that aligns with global best practices.
