President Bola Tinubu has signed four landmark tax reform bills into law, describing the move as a bold step toward a new era of economic governance in Nigeria. The signing ceremony took place on Thursday at the State House, Abuja, with Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, and other members of the National Assembly in attendance.
The four new laws include the Nigeria Tax Bill (Fair Taxation), the Tax Administration Bill, the Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
President Tinubu stated that the reforms are not merely administrative but are set to reshape Nigeria’s tax landscape, introducing the country’s first major pro-people tax cuts in decades to reduce the burden on ordinary citizens.
“What we did a few minutes ago is the way forward for our country’s revolution,” Tinubu said. “Leadership must help the people to take off, lead the way through every twist and thorn on the road, and help them reach their destination.”
He noted that the new laws will provide targeted relief for low-income earners, small businesses, and struggling families, enabling them to retain more of their hard-earned income.
According to the President, the reforms will unify Nigeria’s fragmented tax system, eliminate overlapping agency functions, and foster better coordination among tax authorities at all levels.
“These reforms are designed to boost investor confidence, enhance transparency, and open the door for new economic and business opportunities,” he said, adding that Nigeria is now demonstrating its readiness to attract investments and drive economic growth.
President Tinubu transmitted the proposed bills to the National Assembly on October 3, 2024, as part of his administration’s broader fiscal policy and tax reform agenda.
