Featured
Tax Reform Bill Passage: New Tax Laws, Better Nigeria
By Arabinrin Aderonke
Nigeria must work; this is the vision we have held onto for so long. When the news came that the Senate had passed all four tax reform bills, it was one of those moments you stop and ask yourself, is this really happening? For years, Nigeria’s tax system has been a source of frustration, something we all got used to criticizing. Truthfully, it was not just tax. From electricity to education to healthcare, we have long complained about the failure of government systems.
On top of that, Nigeria remained tied to the unstable global oil market, leaving us with unpredictable revenue and a shrinking ability to fund our future. That is exactly why we must keep believing in the idea of a new Nigeria. And this time, it is not just another round of promises, this is action.
President Bola Ahmed Tinubu understood that to truly rebuild Nigeria, we needed a tax system that would create sustainable revenue, spread the burden fairly, and give every Nigerian, rich or poor, north or south, a reason to trust government again. That is what led to the introduction of the tax reform bills in 2024. It has taken months of serious policy work, consultation, and courage. Now, with the National Assembly passing all four bills, the Nigeria Tax Bill 2024, the Nigeria Tax Administration (Procedure) Bill 2024, the Nigeria Revenue Service (Establishment) Bill 2024, and the Joint Tax Board (Establishment) Bill 2024, we are seeing decisions that could finally loosen Nigeria’s dependence on oil and give states the resources they need to grow.
One of the features is the new VAT sharing formula. Under the proposed structure, 50 percent of Value Added Tax revenue will be shared equally among all states, 20 percent will be distributed based on population, and 30 percent will be distributed according to actual consumption. It is a formula designed to balance fairness with performance, giving each state a stake while also encouraging economic activity and good governance.
The Senate also made it known that the VAT rate will remain at 7.5 percent, resisting pressure to increase it. For Nigerians, that means no new burden added to goods and services. But more importantly, the bills approved also provided for the continued funding of development agencies such as the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), and the National Information Technology Development Agency (NITDA). These are the institutions that support learning, research, and innovation across the country, and their survival is necessary for the future of the Nigeria we all want.
Another part of the bill is the plan to turn the Federal Inland Revenue Service into the Nigeria Revenue Service (Nigeria Revenue Service (Establishment) Bill). But this is not just a name change. It is a coordinated effort to build a system that supports states, strengthens local government revenue, and makes tax collection more transparent.
Dr. Zacch Adedeji, Executive Chairman of FIRS, has led the redesign of the agency and introduced many measures aimed at improving tax collection across the country, and even these Tax Reform Bills are one. If anyone has earned respect in this space, it is him. His work shows that reforms are possible when people in charge are ready to do better.
As it stands, all four tax reform bills have been passed, and these laws are now in place. This means Nigeria has completed what many consider the most needed tax reform in years.
The process now moves to the harmonization stage, where both the Senate and House of Representatives will come together to resolve any differences in their versions of the bills. Once they reach an agreement, the bills will be sent to the President for his final approval. After the President signs them into law, they will be published in the official gazette, making them official. From there, the Federal Inland Revenue Service, which will be renamed the Nigeria Revenue Service, will take the lead in implementation. With the capable Tax Boss, Dr. Zacch, we can be sure that the results will exceed expectations.
This is the Renewed Hope Nigerians have been waiting for. The changes are here, these reforms give us the chance to do things right!
Arabinrin Aderonke Atoyebi is the technical assistant on broadcast media to the executive chairman of the Federal Inland Revenue Service
Featured
Nigeria’s Historic Bid for the 2030 Commonwealth Games: A Call for National and Global Support
Joel Ajayi
Nigeria is poised to make history as it seeks to host the Centenary Commonwealth Games in 2030, a monumental opportunity that promises to transform the nation’s economy, infrastructure, and global standing.
More than a sporting spectacle, the Games would serve as a catalyst for development across multiple sectors, leaving behind a legacy of national pride and sustainable growth.
The benefits of hosting the Games extend far beyond the sports arena. Nigeria stands to gain both empirical and non-empirical advantages, with direct, indirect, and induced impacts that will touch every corner of society. Infrastructural development will take center stage, with new facilities such as indoor sports halls, conference centers, and improved road networks reshaping urban landscapes while strengthening the nation’s capacity to host future international events.
Economic growth is another significant dividend. Over 10,000 jobs are expected to be created, spanning construction, facility management, event planning, and tourism services.
The hospitality industry will undergo major improvements as hotels and resorts are upgraded to meet international standards, while local restaurants, lounges, and tourist attractions will see a surge in patronage from international visitors. Small and medium enterprises, particularly in the transport, finance, and food service sectors, will become some of the greatest beneficiaries, as the Games generate new demand and expand opportunities for local businesses.
The Commonwealth Games will also accelerate the growth of Nigeria’s sports industry.
Investments in training facilities, coaching, and talent development will inspire a new generation of athletes, ensuring long-term benefits that extend beyond 2030, a major focus of the President Bola Tinubu administration.
At the same time, the process of preparing for the Games will create opportunities for Nigerians to learn new crafts, acquire technical skills, and engage in global-standard event management, thereby strengthening human capacity and innovation across industries.
Mallam Shehu Dikko, Chairman of the Nigeria Sports Commission, and Hon. Bukola Olopade, the Director General, have been widely recognized for their tireless and visionary leadership in repositioning Nigeria’s sporting sector.
Their commitment to facilitating infrastructural development and strengthening grassroots sports development has laid the foundation for Nigeria’s bold bid to host the 2030 Commonwealth Games. Under their leadership, the NSC is fostering strategic partnerships and driving innovation in sports administration, they have demonstrated the nation’s readiness to stage an event of such global magnitude.
Beyond the tangible gains, the hosting of the 2030 Commonwealth Games carries profound symbolic value. It would be a moment of unity and pride, a chance for Nigeria to showcase its cultural richness, resilience, and excellence to the world.
As a centenary edition, the Games would stand as a historic milestone not just for the Commonwealth but for Nigeria itself, cementing its place on the global stage as a capable, ambitious, and forward-looking nation.
The gains from hosting the Commonwealth Games can never be undermined or overemphasized. This is Nigeria’s time to step forward and show the world our resilience, and excellence. We call on every Nigerian, across sectors and communities, to support this noble aspiration.
Nigeria’s pursuit of the 2030 Commonwealth Games is a vision for transformation, a blueprint for national development, and a legacy project that will inspire generations to come.
-
Featured6 years agoLampard Names New Chelsea Manager
-
Featured5 years agoFG To Extends Lockdown In FCT, Lagos Ogun states For 7days
-
Featured6 years agoChildren Custody: Court Adjourns Mike Ezuruonye, Wife’s Case To April 7
-
Featured6 years agoNYSC Dismisses Report Of DG’s Plan To Islamize Benue Orientation Camp
-
Featured4 years agoTransfer Saga: How Mikel Obi Refused to compensate me After I Linked Him Worth $4m Deal In Kuwait SC – Okafor
-
Sports3 years ago
TINUBU LAMBAST DELE MOMODU
-
News9 months agoZulu to Super Eagles B team, President Tinubu is happy with you
-
Featured6 years ago
Board urges FG to establish one-stop rehabilitation centres in 6 geopolitical zones
