New tax laws will drive Nigeria’s economic growth — Tinubu

By Kunle Sanni –

President Bola Tinubu on Thursday described the newly signed four tax reform bills as essential to Nigeria’s future prosperity. “What we did a few minutes ago is the way forward for our country’s prosperity. Leadership must help people take off, lead the way, and navigate every turn and twist,” Tinubu said shortly after signing the bills at the State House.

Tinubu said the new laws would lay a strong foundation for a more prosperous and business-friendly Nigeria, describing the move as pivotal to his administration’s economic reforms. He said the signing represents a defining step in opening the economy and modernising the tax system.

The bills include the Nigeria Tax Bill (Ease of Doing Business), which consolidates the country’s fragmented tax laws, and the Nigeria Tax Administration Bill, which provides a uniform legal and operational framework for tax administration across all tiers of government.

Others are the Nigeria Revenue Service (Establishment) Bill, which replaces the Federal Inland Revenue Service Act with a more autonomous and performance-driven national agency—the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which formalises cooperation between revenue authorities at all government levels.

The President praised the National Assembly for passing the bills despite early resistance, describing their role as courageous and vital to the reform. “Nowhere in the world would tax reforms be easy,” Tinubu noted.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, described the signing as a historic moment that will transform the nation’s fiscal landscape. He praised the President for his non-intrusive but visionary support.

Federal Inland Revenue Service Chairman, Dr. Zacch Adedeji, described the day as the happiest of his life, saying the reform represents “a dream come true” after years of planning and hard work.

Senate President Godswill Akpabio commended Tinubu’s leadership and foresight, saying, “You are a thinker, intellectually sound, and committed to Nigeria’s progress. This law will impact generations.”