Tax Reform Bills Await Presidential Assent
By Patience Ikpeme
President Bola Ahmed Tinubu is now in possession of four pivotal tax reform bills, delivered by the National Assembly on Tuesday, this clearing the way for the President to sign the bills and formally activate the federal government’s drive to overhaul Nigeria’s tax system.
The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this development on Wednesday during the 50th birthday lecture of Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, held in Abuja.
“It was, I think, yesterday that it was finally delivered to Mr. President by the National Assembly for him to sign off on the four tax reform bills,” Edun said, describing the moment as a critical milestone in the Tinubu administration’s reform agenda. The minister stated that these bills, once enacted into law, are expected to significantly improve the efficiency and fairness of Nigeria’s tax system.
He also projected they could nearly double the country’s tax-to-GDP ratio, which remains among the lowest globally. “There is still hard work to be done in efficiently implementing the bills that have been passed. But they promise to change the fiscal landscape,” he added.
Edun credited President Tinubu’s persistence in steering the tax reform process through challenging times. “Mr. President knew the value of those four tax reform bills and kept going through thick and thin, through turbulence and through wind. He just kept going, supporting you,” he said, referring to Oyedele.
According to Edun, the fiscal reforms championed by the Committee are central to Tinubu’s objective of lifting millions of Nigerians out of poverty. He pointed to strategic areas such as agriculture, infrastructure (including digital infrastructure), and access to finance as sectors earmarked for inclusive growth.
The Minister attributed the broad acceptance of the reforms to Oyedele’s expertise and communication abilities. “You had the grace, the gift of being able to take a complex subject, and time after time, tirelessly break it down and simplify it for all types of audiences—the high, the low, the knowledgeable, the less knowledgeable,” Edun said. “And that’s why we have today success in terms of a proposal for proposed bills that are now ready for Mr. President to sign into law.”
Edun stated that the reforms will introduce a fairer, more transparent tax system aligned with global best practices. “They will give greater fairness. They will give clarity. They will give ease of administration, best practice around the world. And ultimately… they’ll give more revenue for government so that the legitimate demands of our people can be met in social services, health, education, and basic infrastructure.”
Edun also spoke about Oyedele’s influence on public attitudes toward taxation. “You went out and you saw and heard from people that they didn’t feel they were in any way obliged to pay tax. You have worked tirelessly to help change people’s perspective on that,” he said, noting that voluntary compliance is crucial for effective tax policies.
In his remarks, Taiwo Oyedele offered a critical assessment of the country’s economic environment. He argued that regulatory bottlenecks and tariff burdens were tantamount to granting tax waivers to a select few, while simultaneously discouraging investment and productivity.
“Addressing our tariffs and regulatory hurdles is the equivalent of granting waiver from all income and consumption taxes. We also need fiscal reforms to complement a strong and stable Naira, such as payments of all taxes in Naira,” he said.
Oyedele stressed that the committee’s work remains far from complete. He called for a downward revision of corporate tax rates to attract new investments and stimulate economic expansion, cautioning that high tax rates, particularly in an inflationary environment, amount to taxing capital rather than profit.
He added that Nigeria must resolve issues of regulatory overreach and fully embrace digitalization as a component of its economic reform package. “We must refine our tariff system to reduce the rates on raw materials and intermediate products, which currently are twice the average for sub-Saharan Africa,” Oyedele said.
He urged the elite to resist the temptation of simplistic solutions in public policy debates. “The elites must apply more intellectual rigour in policy debates, challenge long-held theoretical beliefs and question assumptions within context. We must avoid crowd-pleasing analysis because after the applause, the pain remains.”
Offering practical advice to government, Oyedele suggested that public institutions should only perform tasks that the private sector cannot, and should do so efficiently, collecting the minimum amount of tax necessary to meet basic public service standards.
He also addressed the need for quality, non-inflationary spending by government, advocating for greater prudence and planning in fiscal policy implementation. According to him, ordinary Nigerians must also accept the responsibility of civic participation.
“The people must seek first to understand—ignorance compounds vulnerability and steals opportunities. We must think independently, ask questions, engage, and criticise constructively with the sole aim to build, not tear apart, our country,” he said.
The lecture served as both a personal tribute to Oyedele and a broader reflection on Nigeria’s journey toward sustainable development through fiscal responsibility, tax reform, and inclusive governance. The next step now lies with the President, whose assent to the bills will formally inaugurate a new chapter in Nigeria’s tax administration.
