The chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that Nigeria’s tax reform bills will be passed into law by the end of the first quarter of 2025, with implementation set to begin on July 1.
Oyedele made the announcement during his address at The Platform, a national development-focused event hosted by The Covenant Nation on Saturday.
According to him, the reforms aim to enhance the country’s fiscal policies, streamline tax administration, and create a robust revenue framework.
“Our expectation is that the tax reforms, particularly the tax reform bills, will be approved by Q1 2025,” Oyedele stated.
“This gives taxpayers adequate time to prepare for implementation, which will commence by July 1.”
The tax bills, submitted by President Bola Tinubu to the National Assembly on October 13, 2024, include the Nigeria Tax Bill, the Tax Administration Bill, and the Joint Revenue Board Establishment Bill.
The reforms also propose repealing the Federal Inland Revenue Service (FIRS) Act and replacing it with the Nigeria Revenue Service.
These legislative changes have received endorsement from the Nigerian Governors’ Forum (NGF), which also suggested a revised value-added tax (VAT) sharing formula to ensure equitable distribution.
The NGF’s recommendations followed a strategic meeting with the presidential tax reform committee on January 16.
The discussions centered on critical fiscal challenges and the need for a sustainable, inclusive tax system.
With the backing of key stakeholders, the reforms are anticipated to bolster the country’s economic framework.
However, Oyedele emphasized the need for businesses and taxpayers to build capacity and prepare for the new tax regime.
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