By Abbanobi -Eku Onyekachi, Abuja
Senator Solomon Adeola, Chairman, the Senate Committee on Appropriations, has hailed President Ahmed Bola Tinubu for signing into Law, the Tax Reform Bills, describing the development as a significant step towards inclusive growth and economic development.
President Bola Ahmed Tinubu has signed four landmark Tax Reform Bills into Law, a move that is expected to transform Nigeria’s fiscal landscape and promote economic growth.
The four Bills signed into law are: Nigeria Tax Act; Nigeria Tax Administration Act; Nigeria Revenue Service (Establishment) Act and; Joint Revenue Board (Establishment) Act
The tax reforms are expected to deliver tangible benefits to ordinary Nigerians, including: Zero-rating of VAT on essential goods and services such as basic food items, education, healthcare, sanitary products, and locally manufactured pharmaceuticals; Exemption of individuals earning ₦800,000 or less annually from personal income tax; Higher turnover thresholds for tax exemptions for small businesses and start-ups; Streamlined registration and filing processes and; Protection against multiple taxation across federal, state, and local levels.
Senator Adeola noted that the tax reforms will help position Nigeria as a destination of choice for foreign direct investments, foster domestic productivity, and promote economic growth. He also commended the leadership and members of the National Assembly for their thorough scrutiny and passage of the tax reform bills.
The senator highlighted the signs of Nigeria’s economic recovery under President Tinubu’s leadership, including:
GDP growth rebounding to 3.86%; National revenue rising to ₦21.6 trillion; Budget deficit dropping to 4.17%; Forex reforms restoring investor confidence and stabilizing markets and; Inflation declining and the Naira stabilizing
Senator Adeola enjoined all well-meaning Nigerians to support the Renewed Hope Agenda of the President and the full implementation of the historic tax laws that promises the maximization of people’s welfare and economic prosperity for all.
