Adeola greets Tinubu for the laws on historical tax reform

The president, a committee for the appropriations of the Senate, Senator Solomon Adeola (APC Ogun West), applauded the president Bola Tinubu for signing in law, four reference reform invoices, ready to transform the tax landscape of Nigeria.

Senator Adeola in a declaration issued in Abuja on Sunday, he also praised the leadership and members of the National Assembly for the in -depth control and the passage of the four tax reform invoices.

He recalled that the National Assembly acted as a popular parliament when disputes were arisen on certain provisions of the tax reform invoices by involving the parties concerned and interested members of the public through solid consultations, public hearings and expert reviews.

According to him, the laws on the tax reform will specifically eliminate the onerous taxes imposed on vulnerable Nigerians, will reduce the complexity of tax conformity, promote internal productivity and help to position the country as a destination for choice for foreign direct investments.

“This participatory process has assured that the final legislation reflects the collective interest of the Nigerians, affecting a balance between tax sustainability, equity, economic growth and social well -being that fully aligns with the vision and values ​​of the renewed agenda of the hope of President Tinubu.

“With the issuance of these four transformative law laws – Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (ESTABLishment) Act and Act Joint Revenue (Extablishment) – the President has demonstrated once again, the intentional leadership and the political will to start and see through the filming required to promote the inclusive growth and the economic growth in Nigeria.

“In specific terms, the Nigeria Tax Act will provide unified tax legislation that regulates taxation in Nigeria, while reducing tax duplication and multiplicity in order to simplify tax conformity for people and businesses.

“The law on Nigeria’s tax administration will provide uniform procedures for the constant and efficient administration of tax laws in order to facilitate the compliance by taxpayers and the optimization of tax revenues,” he said.

He added that the Nigeria Revenue Service (ESTABLishment) Act which replaces the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS) has expanded the mandate of the Revenue Agency to include the optimization of government revenues from tax and non -imposed sources.

“It is important to emphasize that these reforms will offer tangible and vast benefits to normal Nigerians.

“The key among these is the zero assessment of VAT on essential goods and services such as basic food products, education, health care, health products and pharmaceutical products manufactured locally, making them more accessible and convenient for the general population.

“In addition, people who earn ₦ 800,000 or less every year are now completely free from personal income tax, thus facilitating the financial burden on low income earnings and increasing their available income,” he said.

He Highllighted Further That Among Other Benefits of the Tax Reforms Laws, Are The Fact That Small Business and Start-ups Stand to Gain significantly Through Higher Turnover Thresholds for Tax Exemptions, Streamlined Registration and Filing Processions and Protection Against Multiple Taxation ACRoss Federal, State and Local Levels with Rural and Underserved Community Are Expected to Benefit from Better Allocation of Tax Revenues Towards Critical Infrastructure and Public Services Such As Schools, Health Center, and Rural Roads.

Therefore he has unjust all the Nigerians well intent on supporting the renewed agenda of the president of the president and the full implementation of historical tax laws that promise the maximization of the well -being and economic prosperity of people for everyone.

“The signs of Nigeria’s economic recovery under the leadership of President Tinubu are clear and measurable. The growth of GDP has rebounded at 3.86%, the fastest in three years, while national revenues have risen to ₦ 21.6 trillion from ₦ 12.37 trillion, reflecting stronger tax performance.

“The budget deficit dropped from 6.2% in 2023 to 4.17% in 2025 and Forex reforms restored the trust of investors, stabilizing the markets.

“Inflation is falling, the Naira has stabilized and the double change rate regime has been abolished, creating transparency and attracting over 40 billion dollars of foreign investments.

“Non -oil exports grew by almost 40% and Nigeria recorded a commercial surplus of 18 trillion years,” he explained.