President Bola Tinubu has signed four significant tax reform bills into law, describing the move as the beginning of a “bold new era of economic governance” in Nigeria.
The signing ceremony took place on Thursday at the State House in Abuja, with Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas in attendance.
The newly enacted laws include:
The Nigeria Tax Bill (Fair Taxation)
The Tax Administration Bill
The Revenue Service (Establishment) Bill
The Joint Revenue Board (Establishment) Bill
President Tinubu said the reforms are not just procedural but transformational, aimed at reshaping Nigeria’s tax system for the benefit of citizens.
He revealed that these new laws introduce Nigeria’s first major tax cuts in decades, targeted at easing the burden on ordinary Nigerians.
According to him, low-income earners, small businesses, and struggling families will now enjoy more financial relief, with the reforms allowing them to retain more of their income.
The President also noted that the laws will streamline Nigeria’s complex tax structure, reduce bureaucracy, and remove overlaps among revenue agencies.
He added that the reforms are expected to boost investor confidence, promote transparency, and improve cooperation across federal and state tax authorities.
The bills were earlier transmitted to the National Assembly by President Tinubu on October 3, 2024.
