President Bola Tinubuhas assented to the four tax reform bills recently passed by the National Assembly.
The signing into law of the Tax Reform Bills, has effectively repealed 11 tax laws and enactments while amending another 13.
The laws that have thus been revoked include: Capital Gains Tax Act, Casino Act, Companies Income Tax Act, Deep Offshore and Inland Basin Act, Industrial Development (Income Tax Relief) Act, Income Tax (Authorised Communications) Act, Personal Income Tax Act, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax Act and Venture Capital (Incentives) Act.
The signing ceremony, held at the Presidential Villa in Abuja, was witnessed by top government officials including the President of the Senate, the Speaker of the House of Representatives, the Senate and House Majority Leaders, as well as chairmen of the Senate and House Committees on Finance.
Also in attendance were the Chairman of the Nigeria Governors’ Forum, the Chairman of the Progressive Governors’ Forum, the Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation.
The four newly enacted laws, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, were passed by the National Assembly after extensive consultations with a broad spectrum of stakeholders and interest groups nationwide.
President Tinubu said the bills reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens and businesses.
The Nigeria Tax Bill (Ease of Doing Business) consolidates Nigeria’s fragmented tax statutes into a unified legal framework. It seeks to reduce tax duplication, enhance clarity, and ease compliance for taxpayers.
The Nigeria Tax Administration Bill provides a harmonized legal and operational structure for tax administration at the federal, state, and local government levels, aiming to foster efficiency and uniformity in tax collection.
The Nigeria Revenue Service (Establishment) Bill repeals the existing Federal Inland Revenue Service (FIRS) Act, paving the way for the establishment of a new, performance-driven Nigeria Revenue Service (NRS) with expanded responsibilities, including non-tax revenue collection. The bill also introduces strong mechanisms for accountability and transparency.
The Joint Revenue Board (Establishment) Bill sets up a national governance structure to coordinate tax efforts across all tiers of government.
It also introduces a Tax Appeal Tribunal and an Office of the Tax Ombudsman, enhancing taxpayer rights and dispute resolution mechanisms.
Many have described the development as a bold step toward boosting Nigeria’s revenue base, reducing investor uncertainty, and deepening the fiscal decentralization agenda.
The reforms are expected to spur job creation, improve public service delivery, and build public confidence in the nation’s tax system.
State House officials say this latest move comes as part of President Tinubu’s broader economic reform package aimed at achieving macroeconomic stability and sustainable growth.
The tax reform law which has been described as revolutionary given its bold statement in diversifying Nigeria’s revenue base from oil and promoting ease of doing business will not only give the government a new lease of life in terms of revenue generation, but will also attract investments.