By John Moses
President Bola Tinubu is set to enact four significant tax reform bills into law on Thursday, a move expected to overhaul Nigeria’s revenue framework and bolster investor confidence.
The legislation – comprising the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill – has been passed by the National Assembly following widespread consultations with key stakeholders and industry experts.
According to a statement by presidential spokesperson Bayo Onanuga, the reform package aims to simplify tax administration, improve government revenue, and foster a more business-friendly climate across Nigeria.
The signing ceremony, to be held at the Presidential Villa in Abuja, will be witnessed by high-ranking officials including the Senate President, the Speaker of the House of Representatives, majority leaders from both chambers, and the chairpersons of the finance committees.
Also expected at the event are the Chairman of the Nigerian 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.
The Nigeria Tax Bill seeks to harmonise existing tax laws, streamlining them into a unified framework. This is intended to reduce overlapping taxes, cut red tape, and ease compliance for taxpayers.
Meanwhile, the Nigeria Tax Administration Bill aims to introduce a standard legal structure for tax operations across the federal, state, and local levels, ensuring consistency and improving coordination.
Perhaps the most transformative is the Nigeria Revenue Service (Establishment) Bill, which will replace the current Federal Inland Revenue Service (FIRS) with a new, more autonomous Nigeria Revenue Service (NRS). The revamped agency will not only handle tax collection but also manage non-tax revenues, while adhering to strict transparency and accountability measures.
The fourth bill, the Joint Revenue Board (Establishment) Bill, establishes a central oversight body to enhance collaboration among tax authorities nationwide. It also introduces new mechanisms such as a Tax Appeal Tribunal and the Office of the Tax Ombudsman to resolve disputes and uphold taxpayer rights.
The government says these reforms are critical to driving long-term economic growth and reducing dependency on oil revenues by broadening the tax base.
