Tinubu to sign landmark tax reform bills into law today

President Bola Ahmed Tinubu will sign four landmark tax reform bills into law today, Thursday, June 26, at a formal ceremony at the Presidential Villa in Abuja.

The bills, approved by the National Assembly about two weeks ago, are part of Tinubu’s broader fiscal reforms aimed at modernising Nigeria’s tax system, increasing transparency, and attracting investment.

Confirming the development on Wednesday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the signing marks a significant turning point for Nigeria’s economic governance.

“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 investments,” Onanuga stated.

The four bills awaiting presidential assent include:

1. Nigeria Tax Bill

2. Nigeria Tax Administration Bill

3. Nigeria Revenue Service (Establishment) Bill

4. Joint Revenue Board (Establishment) Bill

The new legal frameworks are designed to streamline tax processes, empower revenue agencies, and improve coordination among government entities at the federal and state levels.

FIRS Crucial Role in Bill Formation

Pulse Nigeria reports that the FIRS played a pivotal role in shaping the contents of the reform bills.

Under the leadership of Executive Chairman Zacch Adedeji, the FIRS provided technical input and strategic guidance, helping to align the proposals with international best practices and local economic realities.

The reforms are also aimed at unifying the country’s fragmented tax structures, minimising duplication across agencies, and strengthening the Joint Tax Board’s oversight capacity.

Dignitaries to Witness Signing

Key figures from the executive, legislature, and state governments will attend the high-profile ceremony.

Confirmed attendees include Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, Senate Majority Leader Opeyemi Bamidele, House Majority Leader Julius Ihonvbere, and the chairpersons of the finance committees from both chambers.

Kwara State Governor Abdulrahman Abdulrazaq, in his capacity as Chairman of the Nigeria Governors Forum, and Imo State Governor Hope Uzodinma, Chairman of the Progressive Governors Forum, are also expected.

Also present will be the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi.

The signing of these bills marks a significant step in Tinubu’s efforts to reform Nigeria’s fiscal architecture and enhance the ease of doing business nationwide.