President Bola Tinubu, on Thursday, signed the four tax reform bills into law.
The presidency had yesterday indicated that Tinubu would give assent to the bills today.
Performing the function, the President described the bills as a bold new era of economic governance in the country.
He signed the bills in the presence of key National Assembly members like the Senate President, Godswill Akpabio, Speaker of the House of Representatives, Tajudeen Abbas, among others.
Tinubu explained that these reforms go beyond streamlining tax codes. Rather it is meant to deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
The four bills now Acts are the Nigeria Tax Bill (Fair Taxation), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Tinubu said the policy will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.
NATIONAL POST reports that the four bills generated nationwide controversy when they were first presented to the National Assembly.
However, following wide consultations across the country, those who initially opposed the bills, made a U-turn and gave their support.