Ogun State Governor, Dapo Abiodun, has congratulated President Bola Tinubu on signing the tax reform bills into law, saying that the bills would benefit Nigerians and assist in the growth of the economy.
Abiodun highlighted the expected gains of President Tinubu’s tax reform to include relief for low-income earners, support for small businesses, increased revenue generation, and simplified tax payments.
He said it was particularly gratifying that the President allowed broad-based consensus by welcoming inputs and criticisms from diverse groups and accommodating people’s concerns.
He added that it was particularly significant that the bills were focused on the fair and equitable distribution of value added tax (VAT) revenue, enabling states to fund more projects independently.
“To all intents and purposes, President Bola Tinubu’s signing into law of four new tax reform bills passed by the National Assembly represents a huge milestone. They are, as the President said, pivotal to Nigeria’s prosperity.
“The bills have been well thought out, grounded in economic research, and reflective of the inputs of diverse groups, including the business community, regional organisations, and the Nigerian Governors’ Forum, among others,” he said.
Abiodun added, “The bills represent a crystallisation of advocacy over the years for transparency and efficiency in tax administration, linking tax transparency to public fund utilization. This is something all Nigerians should be proud of.
“By streamlining taxation and exempting the poor from undue tax burdens, the bills respond to a major demand for economic growth. They will make it easier to attract investment, enhance the ease of doing business, and incentivise job creation. The message, really, is that good times are ahead for all Nigerians.”
President Bola Tinubu had on Thursday assented to the four tax reform bills recently passed by the National Assembly.
The four bills — the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill — were passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
According to the presidency, the new tax laws will significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.
In his address to reporters, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said the new tax regime would begin on January 1, 2026.
