President Bola Tinubu is set to enact four major tax reform bills into law on Thursday, marking a significant step in overhauling Nigeria’s fiscal and revenue system.
The bills, recently passed by the National Assembly, include the Nigeria Tax Bill (Ease of Doing Business), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These reforms follow broad consultations with stakeholders across the public and private sectors.
According to top government officials, the new legislation aims to simplify Nigeria’s complex tax structure, reduce the burden on taxpayers, and enhance transparency and efficiency in revenue collection. The reforms are also expected to attract more domestic and foreign investment by improving the country’s business environment.
Thursday’s signing ceremony, to be held at the Presidential Villa in Abuja, will be attended by key figures including the Senate President, Speaker of the House of Representatives, leaders of both legislative chambers, and chairpersons of relevant finance committees.
Also expected at the event are the Chairman of the Nigeria Governors’ Forum, the Minister of Finance and Coordinating Minister of the Economy, the Attorney General of the Federation, and other senior government officials.
Key Highlights of the Four Bills:
- Nigeria Tax Bill (Ease of Doing Business): Aims to consolidate multiple tax laws into a unified statute, reducing duplication and streamlining compliance processes for businesses.
- Nigeria Tax Administration Bill: Establishes a consistent legal and operational framework for tax management across federal, state, and local governments.
- Nigeria Revenue Service (Establishment) Bill: Replaces the existing FIRS Act, creating a more autonomous and performance-driven national tax body with an expanded mandate that includes non-tax revenue.
- Joint Revenue Board (Establishment) Bill: Sets up a formal structure to ensure collaboration among all tiers of government in revenue administration. It introduces a Tax Appeal Tribunal and establishes the Office of the Tax Ombudsman to address complaints and enforce taxpayer rights.
The administration considers the tax reform package a cornerstone of its broader economic revival agenda. The harmonization of tax laws and modernization of revenue agencies are intended to close loopholes, improve compliance, and support the delivery of public services.
