President Bola Ahmed Tinubu has officially announced his approval of four newly enacted fiscal tax reform laws, characterising this development as a significant advancement for Nigeria.
President Tinubu at the signing ceremony at the State House, Abuja said that the occasion presented a new lease of life to every Nigerian and future generation.
The Nigerian Leader described the new laws as pivotal to the success of the administration’s reforms and the country’s prosperity.
It was initially difficult, but not all roads will be easy in nation-building. What you have provided is leadership and courage in the face of mounting disputes. Nowhere in the world would tax reforms be easy,” the President said.
President Tinubu commended the leadership and members of the National Assembly for passing the bills despite initial misunderstandings.
The President further stated that as a leader, he is committed to steering the nation through all challenges and ensuring that Nigeria arrives at its destined destination.
“What we did a few minutes ago is the way forward for our country’s prosperity. Leadership must help people take off, lead the way, and navigate every turn and twist. We must help them reach their destination. That is what we are doing.
“We are in transit; we have changed the roads, we have changed some of the misgivings, we have opened the doors to a new economy, business opportunities. We have shown the world that Nigeria is ready and open for business,” the President stated.
President of the Nigerian Senate, Godwill Akpabio commended President Bola Tinubu for his visionary leadership, stating that his bold economic reforms have saved Nigeria from collapse and set the nation on a path to sustainable growth.
“Mr President, we have always known that you’re a thinker, we have always known that you’re intellectually sound, we have always known that you care for your country. Those who have doubts can now dissect into two major actions. The first was the cancellation of the fuel subsidy that many regimes could not afford. You came and you did it and today, Nigeria is better for it,” Akpabio said.
He noted that sceptics need only consider two key achievements: the removal of the decades-long fuel subsidy and the ongoing modernisation of Nigeria’s outdated tax system.
“Many did not know that by the time you took office in 2023, Nigeria was on life support, we were using about 98% of the daily revenue of this country for debt servicing and almost 90% was on oil subsidy and so Nigeria was heading to the brink of collapse. Then you came, and you said that God brought you for a time like this, and you are prepared to ensure that Nigeria is saved,” Akpabio said.
The Senate President, lauded the harmonisation of Nigeria’s tax laws, some of which date back to the colonial era.
“Here again, you have harmonised the entire tax system in this country. Stamp Duties Act, I think
“It was in 1901, but last reviewed in 1939 and then here we are in year 2025 we are still operating uneven taxes and laws on taxations that were here before the colonial masters left, they were all incorporated into our laws and you said, this cannot be allowed to continue, Nigeria must be modernized and modernizing the tax system means bringing more money for the development of the country,”Akpabio said.
Akpabio assured that future generations would remember the President’s legacy, adding that the National Assembly was fully committed to supporting his transformative agenda.
“I can tell you that even some of the states, when they see the outcome of what you are doing today, generations unborn will remember you,” Akpabio added.
He congratulated the President, lawmakers, and all stakeholders who contributed to the historic reforms, emphasising that “Nigeria has truly changed for the better under your leadership.”
“I want to say that my brother, the Right Honourable Speaker, and I had no doubt that you came with a vision and we were determined in parliament that nobody can thwart your mission for this country. You campaigned based on changing the country, changing the perception and so there was no need for people, no matter what they said, the parliament was determined to look at the bills and find out whether indeed they were good for this country and they will benefit the vulnerable and the common man and woman in the society.
“At the end of almost 10 months of rigmarole debates, consultations, and public hearings, we concluded that, yes, indeed, what you did and what you are doing now will be remembered for generations to come. No Parliament makes a law for one particular regime. Laws are meant to last, and these are laws that will last for generations to come,” Akpabio stated.
The event marked a significant milestone in the Tinubu administration’s economic agenda, with the new tax laws expected to enhance efficiency, boost revenue, and foster long-term growth.
The four newly signed fiscal tax reform laws are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.