President Bola Ahmed Tinubu has officially signed the tax reform bills into law, initiating a major overhaul in Nigeria’s tax administration and revenue collection system. The presidency said the new tax laws will significantly transform tax administration in the country, leading to increased revenue generation.
The four bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The signing ceremony which took place at the Aso Rock Presidential Villa, Abuja, at about 03:20pm local time on Thursday, was witnessed by the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House counterpart.
The chairman of the Governors Forum, Abdulrahman Abdulrazaq of Kwara State; the chairman of the Progressives Governors Forum, Hope Uzodinma of Imo State; the Minister of Finance and Coordination Minister of the Economy, Wale Edun; and the Attorney General of the Federation, Lateef Fagbemi, were also at the ceremony.
Details of The New Tax Bill
- The Nigeria Tax Bill (Ease of Doing Business) aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute.
- The Nigeria Tax Administration Bill will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
- The Nigeria Revenue Service (Establishment) Bill repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS)
- The Joint Revenue Board (Establishment) Bill provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.
Meanwhile, the implementation of this bill will commence on January 1st, 2026.
Follow the AkweyaTV channel on WhatsApp: https://whatsapp.com/channel/0029Va7m7dvJuyA7h5XMc22i
