President Bola Ahmed Tinubu has explained the importance of signing tax reform bills into law following passage by the National Assembly.
The bills, which were introduced by the executive, became contentious months ago following opposition from Northern lawmakers in the Parliament, governors, among other stakeholders, especially over VAT sharing, and later sailed through the hurdles after back-and-forth and consultations before they were transmitted for presidential assent.
Tribune Online reports that the presidency, following receipt of the four bills from the National Assembly, disclosed the President’s readiness to sign them into law today (Thursday).
Also, in a statement via his personal X account on Thursday, President Tinubu further reaffirmed readiness to assent to those bills, stating reasons they are essential for the country’s economic recovery.
According to him, the four ‘landmark’ bills will usher in a bold new era of economic governance, stating that these reforms go beyond streamlining tax codes.
“They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” he said.
The President noted that the four tax reform bills — the Nigeria Tax Bill (Fair Taxation), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, will unify Nigeria’s fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.
“For too long, our tax system has been a patchwork—complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity.
“We are also building a framework for the Nigeria of tomorrow — leaner, fairer, and laser-focused on unlocking opportunities for all,” Tinubu added.
Continuing, the President commended the Presidential Fiscal Policy and Tax Reform Committee for its tireless work, the National Assembly for its rigorous review, “our subnational partners for their critical contributions, and, most importantly, the Nigerian people for keeping faith with this vision of reform.”
While explaining, however, that the feat achieved by signing those tax bills into law is just a beginning, Tinubu said, “We are not just signing tax bills but rewriting the social contract. We are not there yet, but we are firmly on the road.”
According to the President, the administration is resolved to simplify, reform and grow, calling on Nigerians to “let the world know that Nigeria is open for business, and this time, everyone has a fair shot.
“We are betting on a new Nigeria and building it block by block,” President Tinubu added.
Nigerian Tribune
