Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says the signing of Nigeria’s new tax reform bills has given him a sense of fulfilment and renewed hope for the country.
He stated this during an interview on Channels Television’s The Morning Brief on Friday, emphasising that the real work of implementation was just beginning.
So I feel, first, a sense of satisfaction and fulfilment. I also feel more hopeful about the country. And of course, I’m happy that we’re here, Oyedele said, reflecting on the journey that led to the newly signed legislation.
He noted that the path to reform had not been easy, but commended the efforts of stakeholders who had supported the process.
It’s been a very difficult journey. And thanks to all our stakeholders… now that we’re here, I think the foundation has been laid, he said.
However, he cautioned that the reforms were still in their early stages.
We’re not under any illusion that the house is ready. If you’re homeless and you manage to put up a foundation, you are still homeless.
But you’ve made very important progress. And therefore, just building on that, here’s the next phase, and we’re excited to embark on this journey together, he added.
His comments come 24 hours after President Bola Tinubu signed four major tax reform bills into law.
The brief ceremony, held at the Presidential Villa, was witnessed by top government officials, including governors, ministers, National Assembly leaders, and presidential aides.
The signed legislation included the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
According to the presidency, the bills are designed to overhaul Nigeria’s tax system, improve revenue collection, enhance the ease of doing business, and attract more local and international investment.
Speaking to journalists after the signing, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said the new tax regime would take effect from January 1, 2026.
It takes time for all the stakeholders, participants, operators, and the regulator to change the system, Adedeji explained.
So, with the magnanimity of the National Assembly, Mr. President assented to the bills. The effective date will be January 1, 2026. We have six full months for both sensitisation and planning. This also considers the fiscal year of the government because when you have this kind of change, it’s not what you do in the media, he added.
Despite resistance from some quarters, particularly from a number of state governors who raised concerns about potential implications on state revenue and salary payments, the Presidency and lawmakers maintained that the reform process underwent broad consultation.
They assured that the issues raised were addressed during legislative deliberations before the bills were passed.
