President Bola Ahmed Tinubu is set to overhaul Nigeria’s tax administration by proposing the dissolution of the Federal Inland Revenue Service (FIRS). In its place, the president has introduced plans to establish the Nigeria Revenue Service, as part of his comprehensive tax reforms.
In a letter to the House of Representatives, Tinubu submitted four critical tax reform bills, with the Nigeria Revenue Service Establishment Bill leading the charge. This bill seeks to repeal the existing FIRS Act and introduce the new agency, which will be responsible for the assessment, collection, and management of government revenue. The aim is to streamline processes and reduce tax-related disputes.
Additionally, Tinubu introduced the Nigeria Tax Bill 2024, which seeks to create a more comprehensive framework for taxation across the country. Another key bill, the Tax Administration Bill, is designed to improve tax compliance by providing a clear legal structure for fair and efficient administration of tax laws.
To enhance coordination among various levels of government in revenue administration, the president also proposed the Joint Revenue Board Establishment Bill. This bill introduces mechanisms such as a tax tribunal and an ombudsman to address grievances and improve the overall system.
Expressing confidence in the potential of these reforms, Tinubu believes they will strengthen Nigeria’s fiscal institutions and stimulate economic growth. He has urged the House of Representatives to expedite the consideration and passage of these bills, emphasizing the importance of timely action for the benefit of the nation’s economy.
