The Distinguished Senator representing Ogun West Senatorial District and the chairman of the Senate Committee on Appropriations, Aremo Dr Solomon Olamilekan Adeola Yayi, has applauded President Bola Ahmed Tinubu, for signing into law four landmark tax reform bills, that is poised to transform Nigeria’s fiscal landscape, eliminate burdensome taxes imposed on vulnerable Nigerians, reduce tax compliance complexities, foster domestic productivity and help position the country as the destination of choice for foreign direct investments.
In a comprehensive statement, the noted public finance and tax expert also commended the leadership and members of the National Assembly for the thorough scrutiny and passage of the four tax reform bills adding that the National Assembly acted as the people’s parliament when controversy arose on certain provisions in the tax reform bills by engaging critical stakeholders and concerned members of the public through robust consultations, public 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 that aligns fully with the vision and values of the Renewed Hope Agenda of President Tinubu” he stated.
Senator Adeola, who is also a member of the Senate Finance Committee that midwifed the laws, said that with the enactment of these four transformative tax laws – Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act –, the President has demonstrated yet again, purposeful leadership and political will to initiate and see through critical reforms required to promote inclusive growth and economic development in Nigeria.
“In specific terms, the Nigeria Tax Act will provide a unified fiscal legislation governing taxation in Nigeria, while reducing tax duplication and multiplicity in order to simplify tax compliance for individuals and businesses. The Nigeria Tax Administration Act will provide uniform procedures for consistent and efficient administration of tax laws in order to facilitate compliance by taxpayers and optimization of tax revenues” he stated.
The chairman of Senate Committee on Appropriations stated that the Nigeria Revenue Service, (Establishment) Act which replaces the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service(NRS) expanded the mandate of the revenue agency to include optimizing government revenues from tax and non-tax sources adding that the Joint Revenue Board (Establishment) Act sets up the Joint Revenue Board to harmonize and coordinate revenue administration in Nigeria as well as provides the legal framework for the operations of Tax Appeal Tribunals and introduces the Office of the Tax Ombudsman for protection of taxpayers’ rights.
“Importantly, it is worthy to mention that these reforms will deliver tangible and far-reaching benefits to ordinary Nigerians. Key among these is the zero-rating of VAT on essential goods and services such as basic food items, education, healthcare, sanitary products and locally manufactured pharmaceuticals, making them more accessible and affordable for the general population. In addition, individuals earning ₦800,000 or less annually are now fully exempt from personal income tax, thereby easing the financial burden on low-income earners and boosting their disposable income” he stated.
Among other benefits of the tax reforms laws according to Senator Adeola are the fact that small businesses and start-ups stand to gain significantly through higher turnover thresholds for tax exemptions, streamlined registration and filing processes and protection against multiple taxation across federal, state and local levels with rural and underserved communities are expected to benefit from better allocation of tax revenues towards critical infrastructure and public services such as schools, health centres, and rural roads.
Senator Adeola enjoined all well-meaning Nigerians to support the Renewed Hope Agenda of the President and the full implementation of the historic tax laws that promises the maximization of peoples’ welfare and economic prosperity for all.
“The signs of Nigeria’s economic recovery under President Tinubu’s leadership are clear and measurable. GDP growth rebounded to 3.86%, the fastest in three years, while national revenue rose to ₦21.6 trillion from ₦12.37 trillion, reflecting stronger fiscal performance. The budget deficit dropped from 6.2% in 2023 to 4.17% in 2025 and forex reforms have restored investor confidence, stabilizing markets. Inflation is declining, the Naira has stabilized and the dual exchange rate regime has been abolished, creating transparency and attracting over $40 billion in foreign investment. Non-oil exports have grown by nearly 40% and Nigeria recorded a ₦18 trillion trade surplus” the senator stated.