President Bola Ahmed Tinubu has explained that signing of the four tax bills would usher in a bold new era of economic government in Nigeria and for its citizens.
Tinubu disclosed in a statement on his X account on Thursday.
According to him, tax reforms go beyond streamlining tax codes, noting that they would deliver the first major, pro-people tax cuts.
“In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.
“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 stated.
He added that the tax bills, which are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the 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.
The president had earlier announced he would sign the four tax bills on Thursday, months after the tax bills have been a subject of debate since President Tinubu sent them to the National Assembly on October 3, 2024.
The most controversial part of the bills is the sharing formula of the Value Added Tax, which was earlier contested by Northern governors.
