Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has described the signing of Nigeria’s new tax reform laws as a moment of fulfilment and renewed hope for the country, saying, “I feel a sense of fulfilment and hope for Nigeria.”
Speaking on Channels Television’s The Morning Brief on Friday, Oyedele said the legislation marked a critical step forward, but noted that the real task lies in effective implementation.
“So I feel, first, a sense of satisfaction and fulfilment. I also feel more hopeful about the country. And of course, I’m happy that we’re here,” he added, reflecting on the journey that led to the newly signed laws.
He acknowledged that the process was challenging and expressed gratitude to those who contributed to its success.
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“It’s been a very difficult journey. And thanks to all our stakeholders… now that we’re here, I think the foundation has been laid,” Oyedele said.
However, he cautioned that much work still needed to be done to achieve the desired outcomes.
“We’re not under any illusion that the house is ready. If you’re homeless and you manage to put up a foundation, you are still homeless.
“But you’ve made very important progress. And therefore, just building on that, here’s the next phase, and we’re excited to embark on this journey together.”
Tribune Online reports that President Bola Tinubu signed the four tax reform bills into law on Thursday at the Presidential Villa, in a ceremony attended by top government functionaries, including ministers, governors, lawmakers, and aides.
The new tax laws 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 the Presidency, the legislation is aimed at restructuring Nigeria’s tax system, boosting revenue, improving the business environment, and attracting both local and foreign investments.
After the signing, Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said the new tax regime would take effect from January 1, 2026.
“It takes time for all the stakeholders, participants, operators, and the regulator to change the system,” Adedeji explained.
“So, with the magnanimity of the National Assembly, Mr. President assented to the bills. The effective date will be January 1, 2026. We have six full months for both sensitisation and planning. This also considers the fiscal year of the government because when you have this kind of change, it’s not what you do in the media.”
Despite initial concerns raised by some state governors about possible impacts on state revenue and salary payments, the Presidency and National Assembly insisted that the reform process was inclusive and that such concerns were addressed during legislative deliberations before the final passage of the bills.
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