President Bola Ahmed Tinubu on Thursday signed into law four tax reform bills, describing the move as a vital step towards Nigeria’s economic transformation and long-term prosperity.
The signing ceremony, held at the State House in Abuja, marks the formal endorsement of new tax legislations passed by the National Assembly, aimed at simplifying and strengthening the country’s tax administration system.
This was made known in a statement shared on the X account of the Special Adviser to the President on Information and Strategy, Bayo Onanuga on Thursday.
According to him, the newly signed bills include the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
“These laws are not just about taxation they are about our collective future, 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,” Tinubu said.
The president emphasized that the new laws would serve as the foundation for a restructured and business-friendly economy.
“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,” he said further.
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The Nigeria Tax Bill (Ease of Doing Business), according to Onanuga is designed to harmonize the country’s previously fragmented tax statutes into a single, more coherent document.
Moreso, the Nigeria Tax Administration Bill, on the other hand, seeks to establish a unified legal and operational framework for tax administration across all levels of government.
Additionally, Onanuga said, the Nigeria Revenue Service (Establishment) Bill repeals the existing Federal Inland Revenue Service (FIRS) Act and replaces it with a more autonomous and performance-oriented agency, the Nigeria Revenue Service (NRS).
Meanwhile, the Joint Revenue Board (Establishment) Bill creates a formal platform for coordination among federal, state, and local tax authorities.
The President acknowledged that the journey to this point was not without its challenges, praising the National Assembly for its role in passing the bills despite early disagreements.
“It was initially difficult, but not all roads will be easy in nation-building. What you have provided is leadership and courage in the face of mounting disputes. Nowhere in the world would tax reforms be easy,” Tinubu said.
On his part, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, commended the President for providing strategic support without micromanaging the process.
“History will remember you for good for transforming our country because you went for a fundamental reform,” Oyedele said.
Oyedele further thanked President Tinubu for asking the right questions and giving the committee room to operate independently.
Also speaking at the event, Senate President Godswill Akpabio hailed Tinubu’s leadership and commitment to national development.
“We have always known that you are a thinker, that you are intellectually sound, and that you care for your country. You campaigned based on change for the country. This law would last for generations to come,” Akpabio stated.
He also extended appreciation to members of the National Assembly and other stakeholders who contributed to the passage of the bills.
The Chairman of the Governors Forum, Abdulrahman Abdulrazaq of Kwara State; the Chairman of the Progressives Governors Forum, Hope Uzodinma of Imo State; the Minister of Finance and Coordination Minister of the Economy, Wale Edun; and the Attorney General of the Federation, Lateef Fagbemi, were also at the ceremony.
In addition to the presidential bill assention to the bills was Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House counterpart.
