President Bola Tinubu will today sign four important tax reform bills into law at the Presidential Villa in Abuja. These bills are aimed at changing how taxes are collected and managed in Nigeria.
According to Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the new laws are the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Bill, and Joint Revenue Board Bill. The National Assembly passed all four after meeting with key stakeholders.
The bills are expected to make tax payments simpler, increase government income, and make Nigeria more attractive to both local and foreign investors.
The Nigeria Tax Bill will merge several old tax laws into one, reducing confusion and helping people comply more easily. The Tax Administration Bill will make sure taxes are collected the same way at all levels of government.
The Nigeria Revenue Service Bill will replace the current law that created the Federal Inland Revenue Service. It will give the agency more power and help it collect not only taxes but also other government income, while making it more accountable.
The Joint Revenue Board Bill will help federal, state, and local governments work better together on tax matters. It will also create a Tax Appeal Tribunal and a Tax Ombudsman to handle complaints and disputes.
Finance Minister Wale Edun called the bills a big step in Tinubu’s reform plans. He said, “Once signed into law, these reforms will make our tax system more fair and effective. They could also double our tax-to-GDP ratio, which is currently one of the lowest in the world.”
