President Bola Tinubu has launched an ambitious tax reform initiative, submitting four bills to the National Assembly for consideration. The proposed legislation, if enacted, could overhaul Nigeria’s tax system and bolster the country’s fiscal institutions, according to the President.
In a letter read by the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, during their respective plenary sessions on Thursday, President Tinubu outlined the rationale behind his submission of four tax reform bills to the National Assembly.
According to the President, the proposed legislation was carefully crafted to support and advance the administration’s fiscal objectives, signaling a commitment to comprehensive tax reform and fiscal stability in Nigeria.
Among the bills submitted by President Tinubu is the Nigeria Tax Bill 2024, which seeks to establish a unified and streamlined fiscal framework for tax regulation in the country.
The Tax Administration Bill, another component of the President’s proposed tax reform package, aims to establish a clear and unambiguous legal framework for administering taxes in Nigeria, thereby reducing disputes and increasing overall efficiency in tax collection and management.
Complementing the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill seeks to overhaul the existing Federal Inland Revenue Service (FIRS) by repealing the Federal Inland Revenue Service Act and replacing it with a new agency, the Nigeria Revenue Service (NRS).
In addition to the Nigeria Revenue Service Establishment Bill, the President also introduced the Joint Revenue Board Establishment Bill, which aims to establish a tax tribunal and a tax ombudsman to handle tax-related matters in Nigeria.
President Tinubu, in his letter to the National Assembly, emphasized the importance of these tax reform bills as critical components of his administration’s efforts to strengthen Nigeria’s fiscal institutions and support broader economic and developmental objectives.
