President Bola Ahmed Tinubu is preparing to sign into law four significant Tax Reform Bills, representing a pivotal advancement in his administration’s ongoing efforts to overhaul Nigeria’s fiscal policies and strengthen its economic framework.
The bills awaiting presidential assent include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. Each of these pieces of legislation is geared toward improving the efficiency, transparency, and effectiveness of tax administration in the country.
The passage of these bills by the National Assembly followed extensive consultations with industry experts, private sector stakeholders, and technical committees, reflecting a broad consensus on the urgent need to modernize Nigeria’s tax system.
The formal signing ceremony is scheduled to take place at the State House in Abuja on Thursday. The event is expected to draw high-ranking government officials, policymakers, and key figures from the business and investment communities, highlighting its significance on the national economic calendar.
According to an official statement issued on Wednesday by Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the new tax laws form a foundational component of President Tinubu’s wider economic reform strategy. The reforms aim to streamline tax compliance procedures, strengthen revenue collection processes, and enhance the investment climate in Nigeria.
“These laws will significantly transform tax administration in the country, leading to increased revenue generation, an improved business environment, and a boost in domestic and foreign investments,” the statement emphasized.
In addition to increasing government revenue, the tax reforms are designed to address long-standing challenges such as overlapping tax jurisdictions, excessive bureaucracy, and a lack of transparency within the current tax regime. By resolving these issues, the administration hopes to create a more business-friendly environment and reduce the cost of doing business in Nigeria.
Economic analysts and policy observers have noted that the implementation of these reforms could help Nigeria reduce its dependence on oil revenues, enhance fiscal sustainability, and improve the government’s ability to fund critical infrastructure and social development projects across the country.
The move is widely seen as a step toward achieving long-term economic resilience and positioning Nigeria as a more competitive destination for global investors.