Senator Solomon Adeola, representing Ogun West and Chairman of the Senate Committee on Appropriations, has applauded President Bola Ahmed Tinubu for signing into law four landmark tax reform bills, describing the move as a bold step that will ease the financial burden on vulnerable Nigerians and reposition the economy for growth.
In a statement signed by Chief Kayode Odunaro, Media Adviser to Senator Adeola, the senator who is also a member of the Senate Finance Committee, said the new tax laws will simplify tax processes, promote local productivity, and attract foreign investments to Nigeria.
Senator Adeola commended the leadership and members of the National Assembly for their thorough scrutiny and passage of the tax reform bills, noting that lawmakers engaged stakeholders and members of the public through consultations and public hearings to ensure the legislation reflects the interest of Nigerians.
“This participatory process ensured that the final legislation strikes a balance between fiscal sustainability, equity, economic growth and social welfare, which aligns with the Renewed Hope Agenda of President Tinubu,” Adeola stated.
He explained that the four newly signed tax laws — the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and Joint Revenue Board (Establishment) Act — will unify and simplify tax regulations, eliminate duplication, and provide legal backing for efficient tax administration.
According to him, the Nigeria Revenue Service (NRS), which replaces the Federal Inland Revenue Service (FIRS), now has an expanded mandate to optimise government revenue from both tax and non-tax sources, while the Joint Revenue Board will coordinate tax administration across the country.
The senator noted that the reforms introduce critical provisions, including VAT zero-rating for essential goods and services such as food items, education, healthcare, sanitary products, and locally produced medicines. He added that individuals earning ₦800,000 or less annually are now exempt from personal income tax, easing the financial burden on low-income Nigerians.
Small businesses and start-ups will also benefit from higher turnover thresholds for tax exemptions, simplified registration processes, and protection from multiple taxation at different government levels, while rural and underserved communities are expected to see improved allocation of tax revenues for infrastructure such as schools, health centres and rural roads.
“The economic recovery signs under President Tinubu’s leadership are clear,” Senator Adeola stated. “GDP growth has rebounded to 3.86 percent, the fastest in three years. National revenue rose to ₦21.6 trillion from ₦12.37 trillion, while the budget deficit dropped from 6.2 percent to 4.17 percent. Forex reforms have stabilised markets, inflation is declining, and over $40 billion in foreign investments have been attracted.”
He urged Nigerians to support the Renewed Hope Agenda and the full implementation of the new tax laws, stressing that they are designed to maximise people’s welfare and ensure economic prosperity for all.
