President Bola Tinubu will sign four tax reform bills into law on Thursday, a move that will significantly overhaul Nigeria’s fiscal and revenue administration framework.
The bills, the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, were recently passed by the National Assembly.
A statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the legislative package as “groundbreaking,” with the potential to drive sustained growth in government revenue, ease the burden of tax compliance, and create a more business-friendly environment.
Onanuga stated that 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.”
“One of the four bills is the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute,” he said.
He continued, “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 second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.
“The Nigeria Revenue Service (Establishment) Bill, the third 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).
“It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.”
He added that the fourth bill is the Joint Revenue Board (Establishment) Bill, which will “provide for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government”.
“It introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman,” he said.