President Bola Tinubu has signed four landmark tax reform bills into law, marking a bold new era of economic governance.
The brief ceremony was held on Thursday at the State House, Abuja, with the leadership of the National Assembly led by Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, in attendance.
The four new Acts are:Nigeria Tax Bill (Fair Taxation),Tax Administration Bill, Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.
According to Tinubu, the reforms would reshape the nation’s tax landscape, introducing pro-people tax cuts, reducing burdens on ordinary citizens, and providing targeted relief for low-income earners, small businesses, and struggling families.
The President emphasised that the reforms are designed to help citizens retain more of their hard-earned income and promote economic growth.
What we did few minutes ago is the way forward for our country revolution.
“Leadership must help the people to take off , lead the way on every turn twist and thorns of the road, you must help them get to their destination,” he said.
The President noted that the new laws will provide targeted relief for low-income earners, small businesses, and struggling families, helping them retain more of their hard-earned income.
According to Tinubu, the policy will unify Nigeria’s fragmented tax system, and eliminate overlapping functions across agencies.
He said that the reforms are designed to boost investor confidence, enhance transparency, and foster better coordination among tax authorities at all levels.
“We are in transit we have changed some of the misgivings . we have open the door for new economy and business opportunities.
“We are showing that Nigerian is truly ready and open for business,” he said.
The President transmitted the proposed legislation to the National Assembly on October 3, 2024.
