Faleke hails Tinubu’s Tax Reform Act

• says law will boost revenue

Kunle Sanni –

Chairman of the House Committee on Finance, Hon. James Faleke, has lauded President Bola Tinubu for signing into law four key tax reform bills, describing the move as a bold step that will strengthen Nigeria’s revenue system without imposing additional tax burdens on citizens.

Faleke made the remarks on Thursday while briefing State House correspondents after President Tinubu signed the four landmark tax bills into law at the Aso Rock Villa.

He emphasised that the reforms are designed to plug loopholes in the current tax framework and expand the tax net using advanced technology.

According to Faleke, the Tax Reform Act is not about raising taxes but ensuring broader compliance. “This tax reform… has no bearing on increases in taxes. It’s just covering more loopholes and taxpayers,” he said.

He praised President Tinubu for making difficult but necessary decisions since taking office, citing the removal of fuel subsidies and the tax reform initiative as landmark actions. “When the tax reform was brought into the House, it was like a mission impossible. But with the cooperation of all Nigerians, including the governors and the House of Representatives, we made it happen,” he noted.

Faleke stressed that with the use of technology and improved coordination by the Nigerian Revenue Service, more citizens will be brought into the tax system, ultimately increasing the country’s tax-to-GDP ratio.

He projected that the reforms will have tangible impacts by next year, particularly at the state and local government levels. “Subnationals should be expecting an increase in their monthly revenue, which will benefit Nigerians in their various homes and local governments,” he stated.

The lawmaker also acknowledged the media for its support throughout the over-10-month legislative process that led to the signing of the new tax laws.