The Presidential Fiscal Policy and Tax Reforms Committee has confirmed that the implementation of new tax reform bills will officially commence in 2026. Chairman of the committee, Taiwo Oyedele, made this known during a recent press briefing in Lagos, explaining that the groundwork for these reforms is already in motion, including consultations with stakeholders and drafting of necessary legislation.
Oyedele noted that the comprehensive tax reforms aim to overhaul Nigeria’s complex and burdensome tax system, making it simpler, fairer, and more efficient. He said the committee has finalized a set of reform bills, which are now undergoing further review and harmonization before being submitted to the National Assembly for legislative approval.
Highlighting the importance of these reforms, Oyedele stressed that the objective is not to introduce new taxes but to streamline existing ones, reduce the cost of compliance for businesses, and boost overall revenue generation for the government. He added that the reforms will also tackle issues like multiple taxation and the lack of coordination among various tax authorities at federal, state, and local government levels.
The committee reassured that transparency and fairness remain at the core of the reform process, with continuous engagement of private sector stakeholders to ensure smooth execution and public acceptance when the bills are finally implemented.
