President Bola Tinubu has signed four landmark tax reform bills into law, marking what he called 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 the Nigeria Tax Bill (Fair Taxation), Tax Administration Bill, Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Tinubu emphasised that the reforms were not just administrative but would reshape the nation’s tax landscape for the better.
He said the new laws introduced Nigeria’s first major pro-people tax cuts in decades, aimed at reducing the burden on ordinary citizens.
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The president noted that the new laws would 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 would unify Nigeria’s fragmented tax system, cut red tape, and eliminate overlapping functions across agencies.
He said that the reforms were designed to boost investor confidence, enhance transparency, and foster better coordination among tax authorities at all levels.
The president transmitted the proposed legislation to the National Assembly on October 3, 2024.
