Nigeria’s new tax laws, economy and accolades for Tinubu, other stakeholders

*Governor Dapo Abiodun of Ogun State, billionaire businessman Femi Otedola, among several other notable Nigerians have applauded President Bola Ahmed Tinubu for signing the four new Tax Reforms Bills into law, describing the historic development as a ‘huge milestone, bold and necessary measure’ towards building a more transparent, efficient, and investment-friendly economy

Gbenga Kayode | ConsumerConnect

Scores of prominent personalities and other Nigerians have continued to commend President Bola Ahmed Tinubu’s administration for introducing, and signing the four new Tax Reforms Bills into law.

ConsumerConnect reports President Tinubu, at a short ceremony Thursday, June 26, 2025, assented to the new tax instruments, as witnessed by some top government officials, notable Nigerians, leadership of the National Assembly (NASS), Federal legislators, State Governors, Ministers, and the Presidential aides, in the State House, Abuja, FCT.

The National Assembly recently passed the four Tax Reforms Bills into Acts of the Federal Legislature.

The NASS lawmakers had passed the four bills the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill after extensive consultations with various interest groups and stakeholders across Nigeria.

On the overarching objective of the tax instruments, the Presidency stated the new tax laws would significantly transform tax administration in the country.

According to the government, this will lead to increased revenue generation, improved business environment, and a boost in domestic and foreign investments in the economy.

New tax regime becomes effective January 1, 2026: FIRS Chairman

Addressing reporters shortly after President Tinubu signed the four tax bills into laws Thursday, Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), said the new tax regime would begin January 1, 2026.

Adedeji stated: “It takes time for all the stakeholders, participants, operators, and the regulator to change the system.

“So, with the magnanimity of the National Assembly, Mr. President assented to the bills.

“So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning.”

Dr. Adedeji as well described Thursday’s event as the happiest day of his life, describing the historic passage of tax reforms bulls into law as a dream come true.

It is recalled that despite initial intense opposition to the tax bills, especially for the Northern part of Nigeria, the Presidency and the National Assembly later assured Nigerians that the stakeholders had been engaged across the country, and the fears hitherto expressed by some State Governors had been allayed.

Otedola highlights impact of new tax laws on Nigerian economy

Applauding President Tinubu for the development, billionaire businessman, Femi Otedola, has hailed Tinubu’s signing of the Tax Reforms Bills into law.

Otedola, in a statement via his official X account Friday, June 27, 2025, described it as a bold step toward making the Nigerian economy more transparent, efficient, and investment-friendly.

The business mogul wrote: “As a business leader, I welcome the signing of the Tax Reforms bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR.

“The new Tax Reforms Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy.”

“These reforms will reduce….”— Femi Ote$ (@realFemiOtedola) June 27, 2025.

Otedola also stated that the reforms would reduce complexity, promote fairness, and restore confidence in how government’s revenues are collected and utilised in the Nigerian economy.

He further commended all other stakeholders who contributed to the achievement.

“It’s not just about paying taxes. It’s about building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth.

“This is how we build a stronger private sector and a more prosperous Nigeria,” Otedola noted.

The billionaire businessman said: “Kudos to everyone who contributed to this landmark achievement for Nigeria.

“I am inspired to invest more, and many other investors share the same sentiment.”

How tax reforms will benefit Nigerians -Gov. Abiodun

In his remarks on the recent Presidential assent to the four new tax bills into law, Governor Abiodun of Ogun State said it was particularly gratifying that President Tinubu allowed broad-based consensus by welcoming inputs and criticisms from diverse groups across the West African economy.

The governor also congratulated Tinubu on signing the Tax Reforms bills into law.

Abiodun also said the new tax laws would benefit Nigerian consumers and assist in growing the country’s economy.

According to Ogun Governor, the expected gains of President Tinubu’s Tax reforms include relief for low-income earners, support for small businesses, increased revenue generation, and simplified tax payment system.

Governor Abiodun stated it was particularly significant that the tax laws were focused on the fair and equitable distribution of Value-Added Tax (VAT) revenue, enabling states to fund more projects independently.

He further averred: “To all intents and purposes, President Bola Tinubu’s signing into law of four new Tax Reforms Bills, passed by the National Assembly, represents a huge milestone.

“They are, as the President said, pivotal to Nigeria’s prosperity.

“The bills have been well-thought-out, grounded in economic research, and reflective of the inputs of diverse groups, including the business community, regional organisations, and the Nigerian Governors’ Forum, among others.”

The governor further said: “The bills represent a crystallisation of advocacy over the years for transparency and efficiency in tax administration, linking tax transparency to public fund utilisation.

“This is something all Nigerians should be proud of.”

Abiodun stated: “By streamlining taxation and exempting the poor from undue tax burdens, the bills respond to a major demand for economic growth.

“They will make it easier to attract investment, enhance the Ease of Doing Business (EoDB), and incentivise job creation.

“The message, really, is that good times are ahead for all Nigerians.”

Tax laws usher in new fiscal era of economic prosperity –Stakeholders

Earlier at the tax bills signing Thursday, in Abuja, other stakeholders particularly said President Tinubu’s signing of landmark tax bills into law had ushered in a new fiscal era to unlock Nigeria’s vast economic potential.

In her remarks Thursday after President Tinubu signed the new tax bills into law

Taking to her social media account, Ms. Olu Verheijen @OluVerheijen, Special Adviser to the President on Energy, stated: “Today, President Bola Ahmed Tinubu signed four landmark tax bills into law, ushering in a new fiscal era to unlock Nigeria’s vast economic potential.”

On how the current administration’s reforms have positively impacted her mandate in the oil and gas sector, Verheijen asserted: “We are pleased to announce that Presidential Directive 40 (fiscal incentives for Upstream, Midstream Gas, and Deep Offshore projects), the 2024 VAT Modification Order (VAT exemptions for CNG, LPG, and clean energy products), and the 2025 Upstream Petroleum Cost Efficiency Order have all been codified into the Nigeria Tax Act.

“These reforms have already helped unlock over $6 billion in new Oil & Gas investments.”

She also said: “With their codification, the administration has delivered long-term certainty and regulatory clarity, ensuring these critical incentives are protected from future policy reversals.

“It was a privilege to witness this historic moment, another bold step towards sustainable growth and shared prosperity for all Nigerians.”

Hon. James Faleke, Chairman of the House of Representatives Committee on Finance, commented after Tinubu signed the four tax bills into law.

Faleke stated: “Since he (Tinubu) took over, he has made two bold decisions: the removal of the subsidy and these tax reforms. “When the tax reforms were brought to the house, it was like Mission Impossible.”

Earlier, the Presidency had disclosed that certain top government officials applauded President Tinubu and administration for the successful passage of the hitherto controversial tax reforms bulls.

From the Senate (Red Chamber) in the National Assembly, which considered the nitty-gritty of the bills for the past June months, Senate President Godswill Akpabio eulogised President Tinubu for his sterling leadership qualities, the statement noted.

Akpabio asserted: “We have always known that you are a thinker, that you are intellectually sound, and that you care for your country.

“You campaigned based on change for the country. This law would last for generations to come.”

The Senate President as well congratulated members of NASS, and other stakeholders who contributed to the passage of the tax bills.

Speaking at the signing ceremony, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, equally lauded Tinubu’s leadership in enabling the passage of the four bills.

Oyedele thanked the President for all the support, without necessarily teleguiding the committee, and only asked necessary questions.

The Chairman of the Presidential Committee said: “History will remember you for good for transforming our country because you went for a fundamental reform.”

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