Connect with us

Trending

President Tinubu to Sign Major Tax Reform Bills

Published

on

President Bola Ahmed Tinubu is set to sign into law a set of sweeping tax reform bills that are expected to reshape Nigeria’s tax system and boost economic growth.

President Tinubu

The move marks a major milestone in his administration’s ongoing push to modernize the country’s fiscal framework and attract investment.

The bills, recently passed by the National Assembly after thorough reviews and consultations with stakeholders, aim to simplify tax processes, make it easier for businesses to comply with tax rules, and increase government revenue. 

The signing ceremony will take place today being Thursday at the State House in Abuja, with top government officials and key business leaders expected to attend.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Tinubu tax reform bills are central to the administration’s economic reform efforts. 

In a statement released on Wednesday, he explained that the new laws would help create a more favorable environment for businesses and investors, while also improving the collection of taxes nationwide.

“These laws will significantly transform tax administration in the country, leading to increased revenue generation, an improved business environment, and a boost in domestic and foreign investments,” Onanuga said.

Nigeria has long struggled with a complicated and inefficient tax system that discourages compliance and hampers economic progress.

Many businesses have found it difficult to navigate the existing tax rules, and government agencies often face delays and bottlenecks in revenue collection. The reforms aim to fix these issues by creating a more transparent and effective system.

READ ALSO: BBNaija Star Sammie Accused of Scamming Fan of ₦4.5 Million Over BBNaija Slot

By simplifying tax administration and cutting down on unnecessary bureaucracy, the government hopes to encourage more people and businesses to pay their taxes willingly. This, in turn, is expected to generate more income for the government without relying heavily on oil revenues or borrowing.

Economic experts believe that this step could help Nigeria stabilize its finances and free up more funds for infrastructure, healthcare, education, and other development projects. 

They also say that creating a tax system people can trust will encourage more foreign investors to do business in Nigeria.

JOIN THE CONVERSATION→ Telegram | X/Twitter | Facebook | WhatsApp|WhatsApp Channel|Mobile App|Instagram

Hi, I'm Chioma Gloria Alaedu, a passionate writer and storyteller who enjoys crafting engaging content that informs, inspires, and connects with readers. With a keen eye for detail and a love for clear communication, I bring fresh perspectives to every topic I explore. When I'm not writing, I'm either deep in a good book, learning something new, dreaming up my next big idea or watching a movie. I'm all about making words work and finding joy in the little things.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Join Our WhatsApp Group

Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles