President Bola Ahmed Tinubu has received four major tax reform bills from the National Assembly, signaling a transformative phase in Nigeria’s fiscal and economic policies.
The landmark bills—Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill—were officially submitted to President Tinubu on Tuesday, marking a significant milestone in the administration’s commitment to tax reform and economic restructuring.
Wale Edun Confirms Receipt of Tax Bills
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during the 50th birthday lecture of Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, held in Abuja.
“It was finally delivered to Mr. President by the National Assembly,” Edun revealed. He described the development as a “critical milestone” in Tinubu’s reform agenda, designed to improve Nigeria’s tax-to-GDP ratio, currently one of the lowest globally.
What the Tax Bills Mean for Nigerians
- According to Edun, once signed into law, the bills will:
- Enhance transparency and fairness in tax administration
- Promote ease of doing business through simplified tax structures
- Boost government revenue for critical sectors like health, education, and infrastructure
- Support inclusive growth across agriculture, digital infrastructure, and access to finance
“These reforms are built to lift millions of Nigerians out of poverty,” Edun noted, praising President Tinubu for his unwavering commitment despite political and economic challenges.
- Taiwo Oyedele Calls for Deeper Reforms
- In his remarks, Taiwo Oyedele emphasized the need for:
- Lower corporate tax rates to attract investment
- Overhaul of tariffs and regulatory bottlenecks
- Increased use of digital tax systems
Reduction in tax burden on raw materials and intermediate goods
Oyedele argued that excessive taxation in an inflationary environment discourages productivity and penalizes capital instead of profit. He urged elites to apply intellectual rigor and avoid “crowd-pleasing” economic analysis that leads to long-term hardship.
Promoting Voluntary Tax Compliance
Edun credited Oyedele for helping Nigerians better understand the importance of taxation. “You changed how people perceive taxes in Nigeria,” Edun said, calling for broader public engagement in fiscal matters.
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Oyedele further encouraged citizens to be proactive in civic responsibility: “Ignorance steals opportunities. We must ask questions, seek understanding, and constructively engage policies for national growth.”
A New Era for Nigeria’s Tax System
These four tax reform bills are poised to align Nigeria’s tax policies with global best practices, ensuring fairness, efficiency, and increased compliance.
With President Tinubu’s assent now pending, the reforms promise to usher in a new era of tax administration in Nigeria, one focused on accountability, inclusion, and sustainable development.
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