Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, has announced that Nigeria’s tax reform bills are expected to be passed into law by the first quarter of 2025, with implementation scheduled to commence in July.
Speaking on Saturday at The Platform, an event organized by The Covenant Nation to promote national development, Oyedele emphasized the importance of the reforms in preparing taxpayers and enhancing the nation’s fiscal system.
“Part of the expectation is for the tax reforms to be approved, particularly the tax reform bills in 2025,” Oyedele said. “We anticipate their passage by the end of Q1, allowing sufficient notice for taxpayers to prepare for implementation by July 1.”
The reforms stem from President Bola Tinubu’s October 2024 request to the National Assembly to consider and pass four tax reform bills. These include the Nigeria Tax Bill, Tax Administration Bill, and Joint Revenue Board Establishment Bill. Additionally, the proposal seeks to repeal the Federal Inland Revenue Service (FIRS) Act and replace it with a new Nigeria Revenue Service.
The Nigerian Governor’s Forum (NGF) has endorsed the tax reform bills and proposed a new “equitable” value-added tax (VAT) sharing formula. The NGF’s support followed a meeting with the presidential tax reform committee on January 16, where they discussed critical fiscal policy reforms and improvements to Nigeria’s tax system.
The implementation of these reforms is expected to streamline tax administration, enhance revenue collection, and support Nigeria’s economic growth.