President Bola Tinubu has convened a crucial meeting with key economic and financial authorities at the Presidential Villa in Abuja on Tuesday to discuss the upcoming tax reforms.
The meeting, which aims to prepare for the implementation of the Nigerian Tax Reform Act of 2025, was attended by top officials, including Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun; Minister of Budget and Economic Planning, Sen. Atiku Bagudu
Others include Minister of State for Petroleum (Gas), Mr. Ekperikpe Ekpo; Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso; and Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adede.
The Nigerian Tax Reform Act of 2025, set to take effect on January 1, 2026, is a major overhaul of the country’s tax system.
The reform aims to address long-standing issues with tax collection, which have been plagued by complexity and uneven application.
The new act comprises four laws: the Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), the Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA).
The laws are designed to make tax collection more efficient, fair, and supportive of economic growth.
The tax reform is expected to have a significant impact on the country’s economy.
By reducing confusion and increasing revenue for public services, the reform aims to promote economic growth and reduce the country’s reliance on oil income.
The meeting between President Tinubu and the economic team is a crucial step in preparing for the implementation of the tax reform and ensuring a smooth transition to the new system.
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