Otedola and Investors are cheering Tinubu’s signing of landmark tax reform bills into law.
NaijaOnPoint Nigeria reports that President Bola Tinubu’s recent assent to four landmark tax reform bills has ignited a wave of investor optimism, with billionaire businessman Femi Otedola leading calls for increased private-sector investment in Nigeria’s economy.
In a post on social media platform X (formerly Twitter), Otedola hailed the reforms as a “bold, necessary step” that would enhance transparency, efficiency, and fairness in the country’s tax regime.
“I am inspired to invest more, and many other investors share the same sentiment,” Otedola wrote, adding that the new laws could unlock inclusive growth and improve investor confidence in public finance management.
Four Groundbreaking Tax Bills
Signed into law earlier this week, the four bills are designed to overhaul Nigeria’s tax architecture, harmonize fragmented systems, and make tax administration more transparent and investment-friendly. They include:
- Nigeria Tax Bill (Ease of Doing Business) – Consolidates disparate tax laws into a single, coherent framework to reduce administrative burdens and promote tax fairness.
- Nigeria Tax Administration Bill – Establishes a uniform framework for tax administration across federal, state, and local tiers of government.
- Nigeria Revenue Service (Establishment) Bill – Replaces the Federal Inland Revenue Service (FIRS) with a new, autonomous National Revenue Agency focused on performance, accountability, and innovation.
- Joint Revenue Board (Establishment) Bill – Enhances inter-governmental collaboration on tax matters and introduces an oversight mechanism to ensure compliance and coordination.
Economic Outlook and Investor Sentiment
According to Otedola, the reforms are expected to simplify tax compliance, reduce corruption, and ensure better use of public funds for infrastructure and productivity enhancement.
“These reforms will reduce complexity and promote fairness in tax collection, restore confidence in the use of public resources, fund critical infrastructure, and fuel inclusive growth,” he noted.
Several economic analysts and business leaders echoed Otedola’s optimism, describing the legislative overhaul as a major stride toward improving Nigeria’s investment climate.
What Lies Ahead
The new tax laws are set to take effect from January 1, 2026, giving businesses and government agencies ample time to transition to the new systems. Experts say the phased implementation will allow for capacity-building, digital infrastructure upgrades, and stakeholder engagement necessary to ensure smooth adoption.
With Nigeria aiming to expand its non-oil revenue base and attract foreign direct investment, the tax reform package is widely seen as a pivotal step toward boosting confidence in the country’s fiscal governance.
The reforms come at a time when President Tinubu’s administration is under pressure to stabilize the economy, widen the tax net, and rebuild trust with both citizens and global investors.