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Legislative bills

President Tinubu to Sign Four Tax Reform Bills, Overhauling Nigeria's Fiscal and Revenue Systems

Strategic Insights

— 1 min read

The President Bola Tinubu is set to sign into law four tax reform bills on Thursday, June 27, with the aim of transforming tax administration in Nigeria. The bills, passed after extensive consultations with various interest groups and stakeholders, include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. The signing ceremony, to be witnessed by top government officials, marks a significant step towards consolidating the country's fragmented tax laws and improving the ease of doing business.

Key Takeaways:

  • The four tax reform bills will significantly transform tax administration in Nigeria, reducing the multiplicity of taxes and eliminating duplication.
  • The Nigeria Tax Bill (Ease of Doing Business) seeks to consolidate the country's fragmented tax laws into a single harmonised statute, improving the ease of doing business by lowering compliance burdens and creating a more predictable fiscal environment.
  • The Nigeria Tax Administration Bill will establish a uniform legal and operational framework for tax administration across the federal, state, and local government levels.
  • The Nigeria Revenue Service (Establishment) Bill repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS).
  • The Joint Revenue Board (Establishment) Bill introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
  • Top government officials, including the Senate President, Speaker of the House of Representatives, and the Attorney General of the Federation, are expected to witness the signing ceremony.

Statistics:

  • Four tax reform bills will be signed into law on Thursday, June 27.
  • The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
  • Over 10 top government officials are expected to witness the signing ceremony, including the Senate President, Speaker of the House of Representatives, and the Attorney General of the Federation.
  • The Nigeria Tax Bill seeks to consolidate the country's fragmented tax laws into a single harmonised statute.

Sources:

  • Bayo Onanuga, Special Adviser to the President on Information and Strategy, X account post.

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