BREAKING: President Tinubu Repeals FIRS Act, Creates New Tax Agency

President Tinubu has repealed FIRS Act and created a new tax agency in Nigeria.

 

NewsOnline Nigeria reports that President Bola Ahmed Tinubu has officially signed the country’s Tax Reform Bill.

 

This was disclosed by the Federal Inland Revenue Service on Thursday.

 

“The Wait Is Over, It is Official. The President has signed into law the tax reform bills setting Nigeria on a new path to growth and prosperity,”the FIRS said on Thursday in a tweet on X.

 

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The development comes barelu 24 hour after the Presidency announced that Tinubu would endorse the bill.

 

The presidency said, “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.

 

“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.

 

“The historic presidential assent to the bills at the Presidential Villa, Abuja, will be witnessed by the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House counterpart.

 

“The Chairman of the Governors Forum, the Chairman of the Progressives Governors Forum, the Minister of Finance and Coordination Minister of the Economy, and the Attorney General of the Federation will also attend the ceremony.”

Among the four proposed bills is the Nigeria Tax Bill (Ease of Doing Business), which seeks to streamline Nigeria’s complex tax landscape by consolidating multiple, overlapping tax laws into a single, harmonised statute.

 

The goal is to reduce the burden of compliance for taxpayers, eliminate duplication, and foster a more predictable and business-friendly fiscal environment.

 

The Nigeria Tax Administration Bill, the second in the series, aims to create a unified legal and operational framework for tax administration across federal, state, and local governments—promoting consistency and coordination nationwide.

 

The third bill, the Nigeria Revenue Service (Establishment) Bill, proposes to repeal the existing Federal Inland Revenue Service Act and establish a new, autonomous, and performance-driven body, the Nigeria Revenue Service (NRS).

 

The bill expands the NRS’s mandate to include non-tax revenue collection and introduces enhanced transparency, accountability, and efficiency provisions.

 

The fourth, the Joint Revenue Board (Establishment) Bill, is designed to strengthen intergovernmental cooperation on revenue matters by formalising a governance structure for collaboration among all tiers of government.

 

It also introduces key oversight mechanisms, such as a Tax Appeal Tribunal and an Office of the Tax Ombudsman, to enhance fairness and accountability in tax administration.