President Bola Tinubu has signed into law four major tax reform bills designed to overhaul the country’s tax administration and improve the ease of doing business across the country.
The four bills that have become law, following the President’s assent were The bills are the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
Others were the Nigeria Revenue Service (Establishment) Bill, which repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.
Tinubu signed the bills into law on Thursday at the Villa in Abuja, marking the end of 10 months of arguments between financial experts, lawmakers and Nigerians over the tax reforms the Tinubu-led administration proposed for the country.
After signing the bills into law, Tinubu said that the occasion presented a new lease of life to every Nigerian and future generation.
“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. We must help them reach their destination. That is what we are doing.
“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,” the President stated.
Tinubu, meanwhile, commended the leadership and members of the National Assembly for passing the bills despite initial misunderstandings.
“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,” the President added.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, extolled the President’s leadership in enabling the passage of the four bills.
He thanked the President for all the support, without necessarily teleguiding the committee, and only asked necessary questions.
“History will remember you for good for transforming our country because you went for a fundamental reform.”
The Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, described the day as the happiest day of his life and the passage as a dream come true.
