Nigeria’s President, BOLA TINUBU is set to sign into law four groundbreaking tax reform bills today, transforming Nigeria’s fiscal and revenue framework.
The four bills —the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill —were passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
A statement by the president’s spokesperson, BAYO ONANUGA, revealed that the presidential assent to the bills will be witnessed at the presidential villa, Abuja, by the Senate President, the Speaker of the House of Representatives, the Senate Majority Leader, the House Majority Leader, the Chairman of the Senate Committee on Finance, and his House counterpart, among others.
Meanwhile, analysts say 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 investment.
