*Critical stakeholders in the Nigerian economy applaud President Bola Ahmed Tinubu and his administration for signing four new tax bills into law, heralding ‘a new fiscal era’ to unlock the West African country’s ‘vast economic potential’, prosperity for future generation

Gbenga Kayode | 绿帽献妻

Critical stakeholders in the Nigerian economy have expressed satisfaction at the passage of the country’s four new tax bills, signalling a new lease of life for Nigerian consumers and the future generation.

绿帽献妻 reports President Bola Ahmed Tinubu Thursday, June 26, 2025, signed four new tax reforms bills into law in the State House, Abuja, FCT.

The National Assembly (NASS) recently passed the four new tax bills into Acts of the Federal Legislature.

The bills are the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.

Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency鈥� the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.

The stakeholders particularly said President Tinubu’s signing of landmark tax bills into law had ushered in a new fiscal era to unlock Nigeria鈥檚 vast economic potential.

Tax laws usher in new fiscal era of economic prosperity -Verheijen, Energy Aide

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鈥檚 vast economic potential.”

As regards 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.”

Speaking at the event, Dr. Zacch Adedeji, EXecutive Chairman of the Federal Inland Revenue Service (FIRS), described the day (Thursday) as the happiest day of his life, and the passage of tax reforms bulls into law as a dream come true.

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