Video: Tinubu signs four tax reform bills into law, ushering new dawn for Nigeria’s fiscal landscape

Abdullateef Fowewe

President Bola Tinubu, on Thursday, gave presidential assent to four critical tax reform bills—the Nigeria Tax Bill, the Nigerian Tax Administration Bill, the National Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

Video link: https://vt.tiktok.com/ZSBJMFUXB/

These laws are set to unify and simplify Nigeria’s complex tax system by consolidating fragmented tax laws, reducing multiple and redundant taxes, and establishing a cohesive legal framework for tax administration nationwide.

Key features include exemption from income tax for individuals earning less than ₦1 million annually and a reduction in company income tax from 30% to 27.5% in 2025, then 25% thereafter.

The reforms aim to enhance ease of doing business, boost revenue generation, improve the business environment, and attract both domestic and foreign investments.

Announcing the development in a terse statement via his official X handle, the President described the move as a major milestone in his administration’s efforts to reform the country’s fiscal and economic landscape.

He wrote, “I have just signed into Law, the four fiscal reforms bills.

“It is a NEW DAWN for Nigeria!”

The signing ceremony at the Presidential Villa in Abuja was witnessed by top government officials, including the Senate President, Speaker of the House, governors, and the Minister of Finance.