President Bola Tinubu has assented to the four tax reform bills recently passed by the National Assembly.
The short ceremony which took place at the Presidential Villa on Thursday was attended by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
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.
He said, “It takes time for all the stakeholders, participants, operators, and the regulator to change the system.
“So, with the magnanimity of the National Assembly, Mr President assented to the bills. So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning. This is also considering the fiscal year of the government because when you have this kind of change, it’s not what you do in the media.”
More to follow…
