The tax reform bills had been a subject of controversies particularly in northern Nigeria where some governors and stakeholders had believed the reforms would undermine the region.
President Bola Tinubu has finally signed the four controversial tax reform bills into law, in a move the presidency says will significantly transform tax administration in the country.
The tax reform bills had been a subject of controversies particularly in northern Nigeria where some governors and stakeholders had believed the reforms would undermine the region.
The bills — Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill — were recently passed by the National Assembly after what was described as extensive consultations with various interest groups and stakeholders.
The signing ceremony took place on Thursday at the Presidential Villa in Abuja, and was witnessed by the leadership of the National Assembly, some legislators, governors, ministers, and presidential aides.
According to the presidency, “the new tax laws will significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.”
The presidency added that the reforms are part of the administration’s broader fiscal agenda aimed at strengthening the economy and attracting more investments into the country.