Tinubu's Economic Reforms: 4 Tax Bills Sent to National Assembly

Tinubu Submits 4 Landmark Tax Reform Bills to National Assembly

President Bola Tinubu's tax reform bills aim to bolster Nigeria's fiscal institutions and drive overall development...

President Bola Tinubu has forwarded four landmark tax reform bills to the National Assembly for consideration. These bills are designed to revamp Nigeria's tax system and bolster fiscal institutions.

President Bola Tinubu has taken a significant step towards reforming Nigeria's tax system by submitting four comprehensive bills to the National Assembly for review and approval. These bills were formally introduced to the Senate and House of Representatives on Thursday, October 3, through letters read by Senate President Godswill Akpabio and Speaker Tajudeen Abbas.

and tax reforms earlier in October 2023.

President Bola Tinubu's tax reform bills aim to bolster Nigeria's fiscal institutions and drive overall development. By submitting these bills, Tinubu is taking concrete steps to transform the country's tax system, supporting sustainable development and targeting an 18% Tax to GDP ratio within three years - all without stifling investment or economic growth.

The bills are designed to address pressing challenges in Nigeria's tax system, including multiple taxes, a fragmented tax structure, low tax morale, and high tax evasion. To tackle these issues, Tinubu has established a Presidential Committee on Fiscal Policy and Tax Reforms, headed by renowned tax expert Taiwo Oyedele.

Key Objectives of the Tax Reform Bills:

Enhance Revenue Collection Efficiency: Streamline tax collection to boost 

revenue

Promote Transparency and Accountability: Ensure transparent reporting and utilization of tax revenue

Foster a Healthy Tax Culture: Encourage voluntary compliance and tax morale

Drive Economic Growth: Create a conducive business environment, attractive to local and international investors.

These reforms demonstrate Tinubu's commitment to creating a more effective taxation system, vital for Nigeria's economic development and fiscal stability.