NASS Delivered Tax Reform Bills To Tinubu, Says Finance Minister
President Bola Tinubu has received four critical tax reform bills that could significantly transform Nigeria’s fiscal landscape.
The National Assembly delivered the bills to the President on Tuesday, marking a key step in the government’s ambitious overhaul of the country’s tax system.
The bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, revealed this development at the 50th birthday lecture of Mr Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in Abuja on Wednesday.
“It was, I think, yesterday that it was finally delivered to Mr. President by the National Assembly for him to sign off on the four tax reform bills,” the minister said.
Edun described the delivery of the bills as a significant milestone for the Tinubu administration.
He emphasised that once signed into law, these reforms are poised to enhance the efficiency and fairness of Nigeria’s tax system and nearly double the country’s low tax-to-GDP ratio, which is one of the lowest globally.
While acknowledging the work that lies ahead in implementing the reforms, Edun assured that these measures would significantly improve Nigeria’s fiscal health.
“There is still hard work to be done in efficiently implementing the bills that have been passed. But they promise to change the fiscal landscape,” he said.
Edun praised Tinubu for his perseverance in championing the reforms through challenging times, noting, “Mr. President knew the value of those four tax reform bills and kept going through thick and thin, through turbulence and through wind.”
Edun also highlighted the fiscal reforms’ role in lifting millions of Nigerians out of poverty, focusing on key sectors like agriculture, infrastructure, and access to finance.
He credited Oyedele for making complex tax issues accessible to a wide audience, facilitating better understanding and support for the reforms.
The reforms aim to introduce a more transparent and fair tax system aligning with global best practices.
They promise enhanced clarity and ease of administration while increasing government revenue to address critical public needs such as health, education, and infrastructure.
Oyedele, in his remarks, stressed the importance of addressing regulatory bottlenecks and tariff burdens to stimulate economic growth.
He called for a reduction in corporate tax rates to attract new investments and advised that Nigeria must embrace digitisation to facilitate economic reform.
He also cautioned against simplistic solutions in public policy, urging the elite to engage in more rigorous intellectual debates.
“The elites must apply more intellectual rigour in policy debates, challenge long-held theoretical beliefs, and question assumptions within context.
“We must avoid crowd-pleasing analysis because after the applause, the pain remains,” he warned.
Oyedele called for better fiscal management, advising public institutions to focus on tasks the private sector could not handle efficiently, and urged the government to prioritise quality, non-inflationary spending.
The National Assembly formally transmitted the tax reform bills to President Bola Tinubu, marking a critical step in the administration’s ambitious fiscal overhaul under the Renewed Hope agenda.
The Chairman of the Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, confirmed the development during a press briefing at the National Assembly Complex on Tuesday.