President Bola Ahmed Tinubu will, on Thursday, sign the historic tax reform bills into law. The four tax reform bills will transform Nigeria’s fiscal and revenue framework, according to the presidency.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known to the public. He revealed this in a statement signed on Wednesday evening titled: ‘President Tinubu signs four tax bills into law tomorrow.’
The tax reform bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill.
According to Onanuga, the bills will increase revenue generation and improve the business environment in Nigeria. He added that without a doubt, it will lead to an increase in domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Onanuga said.
The statement further revealed that many prominent Nigerians will witness the signing of the tax reform bills. The Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, Chairman of the Senate Committee on Finance, and his House counterpart will be at the ceremony.
Also, the Chairman of the Governors Forum, Abdulrahman Abdulrazaq of Kwara State. The Chairman of the Progressive Governors Forum, Hope Uzodinma of Imo State, will be present.
Some members of Tinubu’s cabinet, including the Minister of Finance and Coordination Minister of the Economy, Wale Edun, and the Attorney General of the Federation, Lateef Fagbemi, will also attend the ceremony.
Recalled that the tax reform bills had previously generated a lot of controversy among Nigerians. Many people, particularly prominent individuals from Northern Nigeria, condemned some clauses in it. They called on the National Assembly to review these clauses.
