Taiwo Oyedele, chair of Nigeria's tax reform committee, announced plans to pass tax reform bills by Q1 2025, with implementation set for July. President Tinubu proposed four key tax bills aimed at restructuring the fiscal system, receiving backing from the Nigerian Governors Forum for equitable VAT distribution.
Taiwo Oyedele, the head of Nigeria's tax policy and fiscal reform committee, has revealed that the long-anticipated tax reform bills are expected to be passed into law by the end of the first quarter of 2025. Speaking at The Platform, a national development forum organized by The Covenant Nation, Oyedele detailed the government’s timeline for transforming the country’s tax system.
According to Oyedele, implementation of the reforms is scheduled to begin in July 2025, allowing businesses and taxpayers sufficient time to adapt to the new regulations. "Our goal is to finalize these bills by Q1 so that taxpayers can prepare adequately for the changes before the July rollout," he emphasized.
The proposed reforms, introduced by President Bola Tinubu to the National Assembly in October 2024, include four critical bills: the Nigeria Tax Bill, the Tax Administration Bill, the Joint Revenue Board Establishment Bill, and the repeal of the Federal Inland Revenue Service Act, replacing it with a new Nigeria Revenue Service.
These proposals aim to modernize Nigeria’s tax collection framework and ensure more equitable revenue sharing. The Nigerian Governors Forum (NGF) has endorsed the reforms and recommended a revised value-added tax (VAT) distribution formula to promote fairness across states.
The presidential tax reform committee recently convened with the NGF to address pressing national concerns, including fiscal restructuring. With broad support, these reforms are poised to reshape Nigeria’s economic landscape.
