Abuja: President Bola Tinubu has signed four landmark tax reform bills into law, marking what he called a bold new era of economic governance. The brief ceremony was held on Thursday at the State House, Abuja, with the leadership of the National Assembly led by Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, in attendance.
According to News Agency of Nigeria, the four new Acts are the Nigeria Tax Bill (Fair Taxation), Tax Administration Bill, Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. Tinubu emphasised that the reforms are not just administrative but will reshape the nation's tax landscape for the better. He stated that the new laws introduce Nigeria's first major pro-people tax cuts in decades, aimed at reducing the burden on ordinary citizens.
President Tinubu highlighted that the new laws will provide targeted relief for low-income earners, small businesses, and struggling families, helping them retain more of their hard-earned income. He added that the policy will unify Nigeria's fragmented tax system and eliminate overlapping functions across agencies.
The President noted that the reforms are designed to boost investor confidence, enhance transparency, and foster better coordination among tax authorities at all levels. "We are in transit; we have changed some of the misgivings. We have opened the door for new economy and business opportunities. We are showing that Nigeria is truly ready and open for business," he said.
The News Agency of Nigeria reports that the President transmitted the proposed legislation to the National Assembly on October 3, 2024.