President Tinubu Set to Enact Four Major Tax Reform Bills on Thursday

President Bola Tinubu will officially sign four pivotal tax reform bills into law this Thursday, marking a major step in reshaping Nigeria’s fiscal and revenue administration system.  

The bills comprising the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill were recently approved by the National Assembly.  

In a statement released Wednesday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, hailed the legislative package as "groundbreaking," emphasizing its potential to boost government revenue, simplify tax compliance, and foster a more favorable business climate.  

Onanuga noted that the new laws, once operational, will "revolutionize tax administration in Nigeria, driving higher revenue generation, enhancing the business landscape, and attracting both local and foreign investments."  

Among the key reforms is the Nigeria Tax Bill (Ease of Doing Business), designed to unify Nigeria’s fragmented tax laws into a single, streamlined framework. This consolidation aims to reduce redundant taxes, ease compliance for businesses, and establish a more stable fiscal environment.  

The Nigeria Tax Administration Bill seeks to standardize tax procedures across federal, state, and local governments, ensuring consistency in implementation.  

Meanwhile, the Nigeria Revenue Service (Establishment) Bill will replace the existing Federal Inland Revenue Service (FIRS) Act, creating a more independent and performance-focused Nigeria Revenue Service (NRS). The new agency will oversee both tax and non-tax revenue collection, with strengthened transparency and accountability measures.  

The fourth bill, the joint Revenue Board (Establishment) Bill, establishes a structured platform for collaboration among revenue authorities at all government levels. It also introduces oversight bodies, including a Tax Appeal Tribunal and an Office of the Tax Ombudsman, to ensure fair dispute resolution.  

This sweeping reform package underscores the administration’s commitment to modernizing Nigeria’s tax system and stimulating economic growth.