June 19, (THEWILL) – The Nigerian National Assembly had formally transmitted four key tax reform bills to President Bola Tinubu for his assent.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Wednesday, during the 50th birthday lecture of Mr Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, held in Abuja.
Edun noted that the submission of the bills underscores the Federal Government’s commitment to reshaping Nigeria’s fiscal policy landscape.
The bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
“It was, I think, yesterday that the bills were finally delivered to Mr President by the National Assembly for his assent”, Edun said, describing the moment as a critical milestone in the Tinubu administration’s reform agenda.
According to the Minister, once signed into law, the bills will significantly enhance the efficiency and fairness of Nigeria’s tax system, potentially doubling the country’s tax-to-GDP ratio, which currently ranks among the lowest globally.
Edun commended President Tinubu’s determination in pushing the tax reform agenda despite various challenges
“Mr President knew the value of those four tax reform bills and persisted through thick and thin, through turbulence and uncertainty — he just kept going”, he said.
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