President Bola Tinubu will sign into law four sweeping tax reform bills today, June 26, in a move aimed at overhauling Nigeria’s fiscal and revenue administration framework.
The signing, which follows months of political tension and stakeholder consultations, signals a significant shift in the country’s tax policy.
The update was disclosed in a statement released Wednesday and signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Onanuga said.
The ceremony is being held at the Presidential Villa in Abuja and is attended by top government figures, including the Senate President, the Speaker of the House of Representatives, Senate and House Majority Leaders, chairmen of the Senate and House Committees on Finance, the Chairman of the Governors Forum, the Chairman of the Progressives Governors Forum, the Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation.
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One of the four bills, the Nigeria Tax Bill (Ease of Doing Business), aims to consolidate the country’s fragmented tax laws into a single, harmonised statute.
The bill seeks to reduce the multiplicity of taxes, eliminate duplication, simplify compliance, and create a more predictable fiscal environment for businesses.
The Nigeria Tax Administration Bill, the second reform, sets a unified legal and operational framework for tax administration across federal, state, and local governments, addressing long-standing inefficiencies and overlap.
The third, the Nigeria Revenue Service (Establishment) Bill, repeals the current Federal Inland Revenue Service Act and establishes a new national revenue agency, the Nigeria Revenue Service (NRS), with expanded powers that include the collection of non-tax revenues.
The new framework outlines mechanisms for greater transparency, accountability, and efficiency.
The fourth, the Joint Revenue Board (Establishment) Bill, creates a formal governance structure to improve coordination among revenue authorities at all levels.
It also introduces key oversight tools, including a Tax Appeal Tribunal and the Office of the Tax Ombudsman to strengthen taxpayer rights and dispute resolution.
These four bills, the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, were passed by the National Assembly following extensive consultations with stakeholders across sectors and regions.
However, the path to today’s signing has not been smooth. The reforms triggered significant public debate and backlash.
In December 2024, northern governors outright rejected the proposals, labeling them anti-democratic.
The National Economic Council later urged a withdrawal of the bills from the National Assembly for further consultations.
Despite the criticism, the legislative process advanced, leading to today’s official assent, an action set to reshape Nigeria’s tax structure and business environment for years to come.
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Image Credit: This Day
