Billionaire businessman, Femi Otedola, has hailed the signing of the tax reform bills into law by President Bola Tinubu.
Otedola, in a post on his official X handle on Friday, described it as a bold step toward making the Nigerian economy more transparent, efficient, and investment-friendly.
“As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR.
“The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy,” Otedola stated.
According to him, the reforms would reduce complexity, promote fairness, and restore confidence in how revenues are collected and used.
As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR.
The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy.
He also commended everyone who contributed to the achievement.
“It’s not just about paying taxes. It’s about building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth.
“This is how we build a stronger private sector and a more prosperous Nigeria. Kudos to everyone who contributed to this landmark achievement for Nigeria. I am inspired to invest more, and many other investors share the same sentiment,” he added.
New Tax Regime
President Tinubu on Thursday assented to the four tax reform bills recently passed by the National Assembly.
The short ceremony, which took place at the Presidential Villa, was attended by the leadership of the National Assembly and some legislators, governors, ministers, and the President’s aides.
The four bills – the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill – were passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
According to the presidency, the new tax laws will significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.
Addressing reporters, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said the new tax regime would begin on January 1, 2026.
He said, “It takes time for all the stakeholders, participants, operators, and the regulator to change the system. So, with the magnanimity of the National Assembly, Mr President assented to the bills.
“So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning,” he added.
President Tinubu, Tax Committee Chair, Taiwo Oyedele, and the Federal Inland Revenue Service (FIRS) Chair Zacch Adedeji.
The new tax bills introduced by the Tinubu administration had generated widespread controversy and criticisms from many, including some governors who believed that some states would not be able to pay staff salaries if some sections of the bills made it into law.
However, the Presidency and the National Assembly said stakeholders had been engaged across the country, and the fears of the governors had been allayed.
