…Commends Tinubu for Signing Historic Tax Bills into Law
By Henry Umoru, Abuja
ABUJA — Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola (APC, Ogun West), has said that the newly signed tax reform laws by President Bola Ahmed Tinubu will deliver tangible and far-reaching benefits to ordinary Nigerians, especially low-income earners and small businesses.
In a statement issued on Sunday by his Media Adviser, Kayode Odunaro, Senator Adeola commended President Tinubu for signing into law four critical tax reform bills aimed at transforming Nigeria’s fiscal landscape, eliminating burdensome taxes, simplifying compliance, and fostering economic growth.
He noted that one of the key highlights of the reforms is the zero-rating of VAT on essential goods and services such as basic food items, education, healthcare, sanitary products, and locally manufactured pharmaceuticals, which will now become more accessible and affordable to the general public.
The senator added that individuals earning ₦800,000 or less annually are now fully exempt from personal income tax, a move that will ease the financial burden on low-income Nigerians and boost disposable income.
Adeola hailed the National Assembly for thoroughly scrutinizing the bills and engaging stakeholders through public hearings, consultations, and expert reviews, ensuring the final legislation reflects the collective interest of Nigerians.
“This participatory process ensured that the final legislation strikes a balance between fiscal sustainability, equity, economic growth, and social welfare, in alignment with President Tinubu’s Renewed Hope Agenda,” Adeola said.
He further outlined the content and expected impact of the four new tax laws:
Nigeria Tax Act: Provides unified fiscal legislation to reduce tax duplication and simplify compliance.
Nigeria Tax Administration Act: Introduces uniform procedures for tax administration to ease taxpayer compliance.
Nigeria Revenue Service (Establishment) Act: Replaces FIRS with the Nigeria Revenue Service (NRS), expanding its mandate to cover tax and non-tax revenue optimization.
Joint Revenue Board (Establishment) Act: Establishes a framework to harmonize tax administration, introduces Tax Appeal Tribunals, and creates the Office of the Tax Ombudsman to protect taxpayer rights.
Senator Adeola also emphasized that the reforms will benefit small businesses and start-ups, offering higher turnover thresholds for exemptions, streamlined registration and filing, and protection from multiple taxation at various levels of government.
“Rural and underserved communities will also gain from improved allocation of tax revenues to critical infrastructure such as schools, health centres, and roads,” he noted.
He called on Nigerians to support the implementation of the reforms, noting that the economic signs under President Tinubu’s leadership are encouraging.
“GDP growth has rebounded to 3.86%, the fastest in three years. National revenue surged to ₦21.6 trillion from ₦12.37 trillion, and the budget deficit has dropped from 6.2% in 2023 to 4.17% in 2025,” he said.
Adeola further highlighted the stabilization of the Naira, the abolition of the dual exchange rate regime, and over $40 billion in foreign investments as indicators of restored investor confidence.
“Non-oil exports have grown by nearly 40%, and Nigeria recorded an ₦18 trillion trade surplus, all pointing to a recovering and resilient economy,” he concluded.
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