In a significant move to transform Nigeria’s fiscal landscape, President Bola Tinubu has signed four tax reform bills into law.
The bills, passed by the National Assembly after extensive consultations with various stakeholders, aim to boost revenue generation, improve the business environment, and attract domestic and foreign investments.
The signing ceremony, held at the Presidential Villa on Thursday, was attended by prominent government officials, including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, governors, ministers, and aides of the President.
The four bills signed into law are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
According to the presidency, the new tax laws will significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.
With these reforms, Nigeria is poised to experience a more streamlined and efficient tax system, fostering transparency, accountability, and economic growth. The move is seen as a bold step towards creating a more attractive investment climate and promoting sustainable development in the country.
