Senator Olamilekan Adeola, who chairs the Senate Committee on Appropriations, has praised President Bola Tinubu’s newly signed tax laws, saying they will bring real benefits to everyday Nigerians—especially those with low incomes and small businesses.
In a statement released on Sunday by his media aide, Kayode Odunaro, Senator Adeola called the reforms a major step forward in fixing Nigeria’s tax system. He said the new laws will scrap outdated taxes, make it easier to pay taxes, and help grow the economy.
One of the most helpful changes, he noted, is the removal of VAT (Value Added Tax) from basic items like food, education, healthcare, sanitary products, and locally made medicines. These essentials will now be cheaper and more accessible to ordinary people. Another big win, he said, is that Nigerians earning ₦800,000 or less per year will no longer pay income tax. That means more money in the hands of millions of people.
Adeola also praised the National Assembly for doing a thorough job. He said the bills were closely reviewed through public hearings and expert input, ensuring they support both economic growth and social welfare—goals in line with President Tinubu’s Renewed Hope Agenda.
The new tax system, he explained, brings big changes: The Nigeria Tax Act now creates a simpler legal setup to reduce confusion and duplication. The Tax Administration Act introduces clear rules to make the process smoother. The Nigeria Revenue Service Act replaces the FIRS with a more powerful Nigeria Revenue Service (NRS) that will collect both tax and non-tax revenues. There’s also a new Joint Revenue Board, designed to coordinate how taxes are managed at all levels of government. Plus, tools like Tax Appeal Tribunals and a Tax Ombudsman Office have been added to protect taxpayer rights.
Senator Adeola said these reforms are especially good news for small businesses and new start-ups. With simpler registration and easier filing, plus protection from paying the same tax multiple times, he said it will now be easier for small entrepreneurs to succeed. He also highlighted how rural areas will benefit, with tax revenues helping to build things like schools, clinics, and roads.
Looking at the bigger picture, Adeola pointed to early signs of improvement under Tinubu’s leadership. He mentioned that Nigeria’s economy has grown to 3.86% GDP, the highest in three years. Revenue has jumped from ₦12.37 trillion to ₦21.6 trillion, and the country’s budget deficit has dropped sharply from 6.2% to 4.17% (projected for 2025).
He added that the naira has become more stable, the old multiple exchange rates are gone, and over $40 billion in foreign investment has come in. Non-oil exports have gone up by nearly 40%, and Nigeria now has a trade surplus of ₦18 trillion.
Senator Adeola ended by urging Nigerians to support the rollout of these new laws. “This isn’t just about taxes,” he said. “It’s about building a fairer economy that works for the market woman, the small business owner, and the unemployed graduate.”
