Tinubu Drops Tax Bombshell: 4 New Laws to Reshape Nigeria’s Economy

President Bola Tinubu has signed into law four major tax reform bills targeting key aspects of Nigeria’s fiscal and revenue systems.

The bills were signed on Thursday at about 3:20pm during a ceremony held at the Presidential Villa, Aso Rock, Abuja.

The four laws include: the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

The bills, passed by the National Assembly after months of stakeholder consultations, are aimed at streamlining tax administration and improving revenue generation.

“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,” Presidential aide Bayo Onanuga said.

The signing ceremony was witnessed by top government officials including the Senate President, Speaker of the House of Representatives, Senate and House Majority Leaders, and chairmen of the finance committees in both chambers.

Also present were Governor Abdulrahman Abdulrazaq of Kwara State (Chairman, Governors Forum), Governor Hope Uzodinma of Imo State (Chairman, Progressives Governors Forum), Minister of Finance Wale Edun, and Attorney General of the Federation Lateef Fagbemi.

READ ALSO

Among the new laws, the Nigeria Tax Bill (Ease of Doing Business) seeks to harmonize Nigeria’s fragmented tax laws into a single framework.

“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 stated.

The Nigeria Tax Administration Bill provides a uniform legal and operational structure for tax administration across federal, state, and local governments.

The Nigeria Revenue Service (Establishment) Bill repeals the existing FIRS Act and establishes a more autonomous and performance-focused Nigeria Revenue Service, expanding its mandate to include non-tax revenue collection and outlining mechanisms for transparency and accountability.

The fourth law, the Joint Revenue Board (Establishment) Bill, creates a formal governance structure to ensure collaboration between revenue authorities at all levels of government. It also introduces oversight institutions such as a Tax Appeal Tribunal and an Office of the Tax Ombudsman.

The reforms are expected to modernize Nigeria’s tax landscape, ease business operations, and strengthen public finance management.