Nigerian President Bola Tinubu has signed into law four tax reform bills, declaring that it signals Nigeria’s readiness for modern economic growth and international investment.
With the signing of the bills into law on Thursday, key revenue-generating agencies, including the Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission, and several federal ministries and agencies, may lose their tax collection mandates since the Nigeria Revenue Service will be the sole body responsible for collecting federally chargeable taxes.
Speaking at the signing ceremony. President Tinubu said: “We have opened the door for new economic and business opportunities. We are showing that Nigeria is truly ready and open for business. Easy in, easy out.
He acknowledged the complexities involved in tax reforms but praised stakeholders for demonstrating leadership and courage through the process.
“What you have provided is leadership and courage in the face of mounting dispute. Nowhere in the world will tax reforms be any easier,” Tinubu said.
According to him, the signing marks a turning point in the nation’s fiscal direction: “We are in transit. We have changed the rule. We have changed some of the misgivings. The question of our tax-to-GDP and all other formulas will be obsolete,” he added.
GIK/APA