Tinubu’s Bold Tax Overhaul Gets ICAN’s Nod — “This Will Help Millions”

The Institute of Chartered Accountants of Nigeria (ICAN) has commended President Bola Tinubu for signing into law four major tax reform bills, describing the move as a bold step that will improve livelihoods and ease the burden on low-income earners.

ICAN’s 61st President, Malam Haruna Yahaya, gave the commendation during the investiture ceremony of Sani Danbaba as the 5th Chairman of the Gwagwalada and District Society of ICAN in the Federal Capital Territory. The event also featured the inauguration of the district’s new Executive Committee.

Speaking through ICAN Council member Matthias Dafur, Yahaya hailed the newly signed laws as a holistic and long-overdue review of Nigeria’s tax structure, saying they tackle fiscal issues that have remained unresolved for over five decades.

President Tinubu had on Thursday signed four tax reform bills into law at the Aso Rock Presidential Villa in Abuja. The new laws include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. The bills were passed by the National Assembly after extensive consultations with stakeholders.

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In his remarks, the new district chairman, Sani Danbaba, also praised the new tax legislation, noting that it consolidates major tax components into a single framework that will ease compliance for businesses and government agencies.

He emphasized that the district’s new leadership would focus on supporting micro, small, and medium-scale enterprises (MSMEs), which he noted account for about 60% of Nigeria’s economic activities.

“Our priority will be to engage and empower local entrepreneurs by exploring ways we can add real value to their operations,” Danbaba said.

Outgoing chairman Sosanwo Akinwunmi congratulated the new executives and urged them to build on the successes recorded so far, pledging his continued support for the growth of the district.