President Bola Tinubu is set to sign four landmark tax reform bills into law today (Thursday), a move expected to overhaul Nigeria’s fiscal and revenue systems.
The bills, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, were recently passed by the National Assembly following extensive consultations with stakeholders and interest groups across the country.
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The new laws are expected to reform tax administration in Nigeria, enhance revenue generation, improve the ease of doing business, and attract both domestic and foreign investment.
The signing ceremony will take place at the Presidential Villa in Abuja and will be witnessed by top government officials, including the Senate President, the Speaker of the House of Representatives, the Senate and House Majority Leaders, the chairmen of the Senate and House Committees on Finance, as well as the Chairman of the Governors’ Forum and the Chairman of the Progressives Governors Forum.
The Minister of Finance and Coordinating Minister of the Economy, alongside the Attorney General of the Federation, will also be present.
One of the four bills, the Nigeria Tax Bill (Ease of Doing Business), aims to consolidate Nigeria’s fragmented tax laws into a unified statute, reducing the multiplicity of taxes and eliminating duplication.
The bill is designed to ease the tax compliance process for businesses and create a more stable fiscal environment.
The Nigeria Tax Administration Bill seeks to establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
The Nigeria Revenue Service (Establishment) Bill will replace the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service (NRS), a more autonomous and performance-driven revenue authority.
The NRS will have an expanded mandate that includes non-tax revenue collection and will operate under improved transparency, accountability, and efficiency standards.
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The Joint Revenue Board (Establishment) Bill will introduce a formal governance structure to strengthen cooperation among revenue authorities at all levels of government.
It also provides for the establishment of key oversight bodies, including a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
The bills will mark a major step in President Tinubu’s efforts to reform Nigeria’s tax system and enhance fiscal sustainability.
