BREAKING: Tinubu signs four tax reform bills into law

President Bola Ahmed Tinubu has on Thursday signed the four tax reform bills recently passed by the National Assembly into law. 

Tinubu gave the presidential assent to the bills during a short ceremony at the Presidential Villa, 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.

Tribune Online reports that Tinubu, earlier on Thursday, explained the importance of signing those tax bills into law, saying they are intended to put the country back on the path of economic recovery. 

According to him, the four ‘landmark’ bills will usher in a bold new era of economic governance, stating that these reforms go beyond streamlining tax codes.

“They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” he said.

The bills, which were introduced by the executive, became contentious months ago following opposition from Northern lawmakers in the Parliament, governors, among other stakeholders, especially over VAT sharing, and later sailed through the hurdles after back-and-forth and consultations before they were transmitted for presidential assent.

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