President Bola Tinubu says the tax reform bills will deliver the first major, pro-people tax cuts in a generation.
Tinubu is expected to sign the bills into law today.
In a statement on Thursday, Tinubu said the tax reforms are
aimed at relieving low-income earners, small businesses, and families.
“In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country,” the statement reads.
“These reforms go beyond streamlining tax codes. They
deliver the first major, pro-people tax cuts in a generation, targeted relief
for low-income earners, small businesses, and families working hard to make
ends meet.”
He said the four bills — the Nigeria tax bill (fair
taxation), Nigeria tax administration bill, Nigeria revenue service
(establishment) bill, and the joint revenue board (establishment) bill — will
unify the country’s fragmented tax system.
Tinubu said it will also eliminate wasteful duplications,
reduce red tape, restore investor trust, and promote transparency and
coordination at all levels.
“For too long, our tax system has been a patchwork—complex,
inequitable, and burdensome. It has weighed down the vulnerable and shielded
inefficiency. That era ends today,” he said.
“We are laying the foundation for a tax regime that is fair,
transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the
vulnerable, and mobilises revenue without punishing productivity.”
The president said the country is laying the groundwork for
the Nigeria of tomorrow, which will be leaner, fairer, and more focused on
creating opportunities for all.
“I commend the Presidential Fiscal Policy and Tax Reform
Committee for its tireless work, the National Assembly for its rigorous review,
our subnational partners for their critical contributions, and, most
importantly, the Nigerian people for keeping faith with this vision of reform,”
he said.
“However, this is a beginning, not an end. We are not just
signing tax bills but rewriting the social contract. We are not there yet, but
we are firmly on the road.
“This is our rallying cry: Simplify. Reform. Grow. Let the
world know that Nigeria is open for business, and this time, everyone has a
fair shot.”
Tinubu added that “we are betting on a new Nigeria” and
building it block by block.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com