ABUJA — Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola (APC, Ogun West), has commended President Bola Ahmed Tinubu for signing into law four comprehensive tax reform bills, describing them as transformative steps that will reshape Nigeria’s fiscal landscape and deliver meaningful benefits to citizens, particularly low-income earners and small businesses.
In separate statements issued over the weekend by his Media Adviser, Chief Kayode Odunaro, Senator Adeola lauded the reforms as “historic, people-oriented, and fiscally strategic,” aligning with the Renewed Hope Agenda of the Tinubu administration.
The four newly enacted laws include:
- Nigeria Tax Act – which provides a unified legal framework to reduce tax duplication and ease compliance;
- Nigeria Tax Administration Act – which introduces streamlined, uniform procedures for tax administration nationwide;
- Nigeria Revenue Service (Establishment) Act – which replaces the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS), expanding its role to manage both tax and non-tax revenue; and
- Joint Revenue Board (Establishment) Act – which harmonizes tax collection across government tiers, establishes Tax Appeal Tribunals, and introduces the Office of the Tax Ombudsman to protect taxpayer rights.
Senator Adeola emphasized that the reforms offer immediate relief to ordinary Nigerians. Notably, individuals earning ₦800,000 or less annually are now fully exempt from personal income tax—significantly easing the financial pressure on low-income earners. In addition, basic goods and services—such as food items, healthcare, education, sanitary products, and locally manufactured pharmaceuticals—are now zero-rated for Value Added Tax (VAT), making them more accessible and affordable.
The reforms also cater to startups and micro, small, and medium enterprises (MSMEs) by offering higher exemption thresholds, simplified registration, and protection from multiple taxation at federal, state, and local levels.
“This is a major win for small businesses and rural communities. Tax revenues will now be better allocated toward essential infrastructure like schools, health centres, and rural roads,” Adeola stated.
He also praised the National Assembly for its role in scrutinizing the bills through public hearings and expert consultations to ensure they reflect the collective interest of Nigerians.
Highlighting recent economic improvements, Adeola noted that GDP growth has rebounded to 3.86%, national revenue has risen to ₦21.6 trillion from ₦12.37 trillion, and the budget deficit has declined from 6.2% in 2023 to 4.17% in 2025. He cited the stabilization of the naira, elimination of the dual exchange rate regime, a trade surplus of ₦18 trillion, and over $40 billion in foreign capital as signs of renewed investor confidence.
“This is a defining moment. President Tinubu has delivered the blueprint—now all stakeholders must ensure it works for the Nigerian people,” he concluded.
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