Tinubu signed a Tax Reform Bill

Tinubu Bola President on Thursday signed four important tax reform bills into laws to start what he called “a new era of brave economic governance” in the country.

The President signed a bill at a short ceremony held at the State Building, Abuja, and witnessed by the leadership of the National Assembly, led by the President of the Senate, Godswill Akpabio, and the Chairman of the House of Representatives, Tajudeen Abbas.

The four new actions are the Nigerian Tax Bill (Fair Tax), the Tax Administration Bill, the Revenue Service Bill (Establishment), and the Joint Revenue Board Bill (Establishment).

Tinubu stressed that reforms are not only administrative but will re -establish the State Tax landscape for the better.

He said the new law introduced the first pro-PEople tax deduction in Nigeria in several decades, which aimed at reducing the burden of ordinary citizens.

Also read: Akpabio Senate President Defending the passage of tax reform bills as ‘national tasks’

The President noted that the new law will provide targeted assistance for low income, small businesses, and families who struggle, helping them maintain more income earned with difficulty.

According to Tinubu, the policy will unite Nigeria’s fragmented tax system, cut bureaucracy, and eliminate overlapping functions in all institutions.

He said reforms were designed to increase investor confidence, increase transparency, and foster better coordination among tax authorities at all levels.

The President sent a bill to the National Assembly on October 3, 2024.