Tinubu signs landmark tax reform bills into law

President Bola Tinubu has signed into law four key tax reform bills, marking what he described as a pivotal moment for Nigeria’s fiscal and revenue systems.

The signing took place on Thursday at the Presidential Villa in Abuja, following the recent passage of the legislation by the National Assembly.

The newly signed laws include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These laws aim to overhaul and modernize the country’s tax and revenue framework.

Present at the ceremony were notable lawmakers including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, as well as majority leaders from both chambers and chairpersons of the finance committees in the Senate and House.

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On the eve of the signing, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the reforms would have far-reaching implications.

“When the new tax laws become operational, they would significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” he said.

The administration has positioned the reform as a major step toward strengthening Nigeria’s economic foundation and creating a more investor-friendly environment.