The newly enacted laws include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These legislative instruments were passed by the National Assembly following extensive consultations with stakeholders across various sectors.
Presidential spokesperson Bayo Onanuga described the reforms as pivotal, stating, “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.”
Top government dignitaries witnessed the event, including the Senate President, the Speaker of the House of Representatives, the Majority Leaders of both chambers, and chairpersons of the Senate and House Finance Committees. Also present were Governor Abdulrahman Abdulrazaq of Kwara State, who chairs the Nigeria Governors Forum; Imo State Governor Hope Uzodinma, head of the Progressives Governors Forum; Minister of Finance and Coordinating Minister of the Economy Wale Edun; and the Attorney General of the Federation, Lateef Fagbemi.
A key component of the reform is the Nigeria Tax Bill (Ease of Doing Business), which seeks to unify Nigeria’s fragmented tax laws. “By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment,” the Presidency said in a statement issued Wednesday night.
