• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, September 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

‘FG New Tax Laws Signal Brighter Future For Nigeria’

by Leadership News
4 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

A senior journalist and tax expert, Arabinrin Aderonke Atoyebi, has said the passage of President Bola Ahmed Tinubu’s tax reform bills if fully implemented, the new laws could transform Nigeria’s tax landscape, improve revenue generation, and lay the groundwork for a more equitable and transparent fiscal future.

Advertisement

Nigeria’s Senate has passed four major tax reform bills, which are being described as the most significant overhaul of the country’s tax system in decades.

Tax analyst Arabinrin Aderonke Atoyebi hailed the move as a significant step toward a sustainable and inclusive economy.

“For years, Nigeria’s tax system has been a source of frustration, something we all got used to criticising.

“Truthfully, it was not just tax. From electricity to education to healthcare, we have long complained about the failure of government systems,” Atoyebi stated.

ADVERTISEMENT

The newly approved bills – the Nigeria Tax Bill 2024, Nigeria Tax Administration (Procedure) Bill 2024, Nigeria Revenue Service (Establishment) Bill 2024, and the Joint Tax Board (Establishment) Bill 2024 – aim to modernise tax administration, reduce Nigeria’s reliance on oil revenue, and empower states to grow economically.

According to Atoyebi, the reforms reflect the vision of President Bola Tinubu, who, she said, recognised that “to truly rebuild Nigeria, we needed a tax system that would create sustainable revenue, spread the burden fairly, and give every Nigerian… a reason to trust government again.”

One of the reforms’ most anticipated features is the new Value Added Tax (VAT) sharing formula. Under the new structure, 50% of VAT revenue will be shared equally among all states, 20% based on population, and 30% according to actual consumption.

ADVERTISEMENT

“It’s a formula designed to balance fairness with performance, giving each state a stake while also encouraging economic activity and good governance,” Atoyebi explained.

Importantly, the Senate chose to maintain the VAT rate at 7.5 per cent, resisting calls to raise it.

“For Nigerians, that means no new burden added to goods and services,” she said.

The bills also ensure the continued funding of strategic development agencies, including TETFUND, NASENI, and NITDA—organisations that support education, engineering, and innovation.

Another highlight of the reforms is the transformation of the Federal Inland Revenue Service (FIRS) into the Nigeria Revenue Service.

Atoyebi noted that this is “not just a name change,” but a coordinated effort to improve tax transparency and support revenue generation at all levels of government.

She commended the executive chairman of FIRS, Dr Zacch Adedeji, for driving the reforms and leading the agency’s redesign.

“If anyone has earned respect in this space, it is him. His work shows that reforms are possible when people in charge are ready to do better,” Atoyebi said

After the bills are passed, the next phase is harmonisation, in which the Senate and House of Representatives align any differences in their respective versions.

RELATED

Baliqees Wins Prestigious West Africa Women Agripreneur Award

Baliqees Wins Prestigious West Africa Women Agripreneur Award

16 hours ago
Missing Crude: CSOs Dismiss Whistleblower’s Claims, Allege Extortion Attempts

India Expands Crude Purchase From Nigeria

17 hours ago

Once harmonised, the bills will be forwarded to the President for assent and then published in the official gazette.

“This is the Renewed Hope Nigerians have been waiting for. The changes are here; these reforms give us the chance to do things right,” Atoyebi concluded

If fully implemented, the new laws could transform Nigeria’s tax landscape, improve revenue generation, and lay the groundwork for a more equitable and transparent fiscal future.


Join Our WhatsApp Channel



Tags: Aderonke Atoyebi
SendShare10178Tweet6361Share
ADVERTISEMENT
Previous Post

AGRA, Nestlé, TechnoServe Unveil $1m Climate-Smart Agriculture Project

Next Post

How To Nurture Religious Tolerance In Kids, Combat Hate In Diverse Settings

Leadership News

Leadership News

You May Like

Baliqees Wins Prestigious West Africa Women Agripreneur Award
Business

Baliqees Wins Prestigious West Africa Women Agripreneur Award

2025/09/07
Missing Crude: CSOs Dismiss Whistleblower’s Claims, Allege Extortion Attempts
Business

India Expands Crude Purchase From Nigeria

2025/09/07
NGX Group Appoints Popoola As GMD/CEO
Business

NGX Lifts Trading Suspension On Universal Insurance Shares

2025/09/07
Lagos Festival To Celebrate Creative Industry Excellence
Business

Lagos Festival To Celebrate Creative Industry Excellence

2025/09/07
Empowering Digital Ownership: Holiverse’s Vision for Africa’s Blockchain Evolution
Business

Africa Targets $15 GDP On Investment In Agriculture, Industry, Service

2025/09/07
Vitapur Nigeria’s Innovation Hub Set To Revolutionise Household Products
Business

Vitapur Nigeria’s Innovation Hub Set To Revolutionise Household Products

2025/09/07
Leadership Conference advertisement

LATEST

We’re Too Preoccupied To Meddle In Opposition Affairs, APC Tells Tambuwal

APC Will Have Tough Battle If Obi Gets ADC Ticket — Ugomuoh

Bandits Kill 6, Injure 9 In Fresh Kaduna Attack 

Egyptian Man Slumps, Dies In Abuja Hotel

El-Rufai Not My Mentor, Says Kaduna Gov Sani

Troops Kill Notorious Bandit Leader Kachalla Balla, 5 Others In Kogi

BBNaija10: After Big Soso, Ivatar, Doris Evicted

JUST-IN: Terrorists Attack Kachia Community, Kill 8, Kidnap Scores

Trabzonspor, Man Utd Reach Verbal Agreement Over Goalkeeper Onana Loan Deal

BBNaija10: Housemate Big Soso Evicted After Eventful Run

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.