President Tinubu Signs Landmark Tax Reform Bills into Law

President Tinubu Signs Landmark Tax Reform Bills into Law

In a bid to revamp the country's fiscal landscape, President Bola Tinubu has signed four tax reform bills into law. The signing ceremony, which took place on June 26, 2025, is expected to have a significant impact on Nigeria's economy and citizens.

According to sources, the four bills signed into law are the Nigeria Tax Bill (Ease of Doing Business), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.

The new laws aim to simplify tax processes, boost national revenue, and attract local and foreign investments. Key provisions include the exemption of individuals earning N800,000 or less annually from income tax and a reduction in corporate tax rates from 30% to 27.5% in 2025 and 25% from 2026.

Stakeholders have welcomed the move, citing its potential to improve the ease of doing business in Nigeria and increase government revenue. However, experts have also emphasized the need for transparent implementation and elimination of corrupt practices in tax offices.

The effects of the tax reforms on Nigerians are expected to be far-reaching, with potential benefits including increased government revenue, relief for low-income earners, and a boost to businesses.

As the implementation of the new laws begins, Nigerians will be watching closely to see how the reforms impact the economy and their daily lives.