Abuja – Senator Solomon Adeola (APC, Ogun West), Chairman of the Senate Committee on Appropriations, has praised President Bola Ahmed Tinubu for signing into law four landmark tax reform bills aimed at transforming Nigeria’s fiscal landscape. The new laws are expected to eliminate burdensome taxes on vulnerable citizens, simplify tax compliance, boost domestic productivity, and enhance Nigeria’s appeal as a prime destination for foreign investments.
In a detailed statement, Senator Adeola, a noted public finance and tax expert, also lauded the National Assembly’s leadership and members for their thorough scrutiny and passage of the bills. He emphasized that the legislative body acted as a true people’s parliament by engaging stakeholders and the public through robust consultations, hearings, and expert reviews.
“This participatory process ensured that the final legislation reflects the collective interest of Nigerians, striking a balance between fiscal sustainability, equity, economic growth, and social welfare—aligning fully with President Tinubu’s Renewed Hope Agenda,” Adeola stated.
As a member of the Senate Finance Committee that facilitated the laws, Adeola noted that the four new acts—the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and Joint Revenue Board (Establishment) Act—demonstrate the President’s commitment to critical reforms for inclusive growth and economic development.
He explained that the Nigeria Tax Act provides a unified fiscal framework to reduce tax duplication, while the Nigeria Tax Administration Act ensures consistent and efficient tax law enforcement. The Nigeria Revenue Service (NRS) replaces the Federal Inland Revenue Service (FIRS) with an expanded mandate to optimize both tax and non-tax revenues. Additionally, the Joint Revenue Board will harmonize revenue administration and establish Tax Appeal Tribunals and a Tax Ombudsman to protect taxpayers’ rights.
Adeola highlighted key benefits for ordinary Nigerians, including zero-rating of VAT on essential goods like food, education, healthcare, sanitary products, and locally made pharmaceuticals. Low-income earners making ₦800,000 or less annually will also be exempt from personal income tax, increasing disposable income.
Small businesses and startups will benefit from higher tax exemption thresholds, simplified processes, and protections against multiple taxation. Rural communities will gain from improved allocation of tax revenues toward infrastructure and public services.
The senator urged Nigerians to support the full implementation of the reforms, which align with Tinubu’s economic vision. He cited measurable progress under the administration, including GDP growth rebounding to 3.86%, increased national revenue (₦21.6 trillion from ₦12.37 trillion), a reduced budget deficit (4.17% in 2025 from 6.2% in 2023), and over $40 billion in foreign investments. Other achievements include a stabilized Naira, declining inflation, a 40% rise in non-oil exports, and an ₦18 trillion trade surplus.
