Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has announced that Nigeria’s tax reform bills will be passed into law by the first quarter of 2025.
Speaking on Saturday at The Platform, an event organised by The Covenant Nation to promote national development, Oyedele confirmed the reforms’ implementation would begin in July.
“Our expectation is that the tax reform bills will be approved before the end of Q1, giving taxpayers time to prepare for implementation around July, 1” Oyedele said.
President Bola Tinubu submitted four tax reform bills to the National Assembly on October 13, 2024. These include the Nigeria Tax Bill, Tax Administration Bill, and Joint Revenue Board Establishment Bill, alongside a proposal to replace the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service.
The Nigerian Governors’ Forum (NGF) has expressed support for the tax bills and suggested a new equitable VAT sharing formula. This followed a meeting on January 16, between the NGF and the presidential tax reform committee to discuss critical fiscal and tax policy reforms.
