President Bola Tinubu has taken a significant step towards reforming Nigeria’s tax system, submitting four sweeping tax reform bills to the National Assembly for consideration.
The proposed legislation, read during plenary sessions by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, aims to align with Tinubu’s administration goals.
The four bills include the Nigeria Tax Bill 2024, which seeks to establish a comprehensive fiscal framework for tax regulation. The Tax Administration Bill proposes a clear and concise legal structure for managing taxes, reducing disputes and enhancing efficiency. Additionally, the Nigeria Revenue Service Establishment Bill aims to repeal the Federal Inland Revenue Service Act and create the Nigeria Revenue Service. The Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman to address tax-related matters.
According to President Tinubu, these reforms will support his government’s broader development objectives and strengthen Nigeria’s fiscal institutions. This move is part of Tinubu’s efforts to review existing tax and fiscal policies, aiming to increase the ratio of revenue to GDP.
