Taiwo Oyedele, the Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has announced that the tax reform bills are expected to be passed into law by the end of the first quarter (Q1) of 2025.
Oyedele shared this update on Saturday, January 18, during his speech at The Platform, an event organized by The Covenant Nation aimed at promoting national development.
He explained that the implementation of the tax reforms will begin in July 2025. “Part of the expectation is that the tax reform bills will be approved in 2025, specifically by the end of Q1, allowing us to notify taxpayers and help them prepare for implementation starting July 1,” Oyedele stated.
On October 13, 2024, President Bola Tinubu urged the National Assembly to review and pass four key tax reform bills, including the Nigeria Tax Bill, the Tax Administration Bill, and the Joint Revenue Board Establishment Bill. The president is also advocating for the repeal of the law that established the Federal Inland Revenue Service (FIRS), proposing the creation of the Nigeria Revenue Service instead.
This week, the Nigerian Governor’s Forum (NGF) expressed its support for the tax reform bills, alongside a proposal for a new, more equitable VAT sharing formula.
