On Thursday, Tinubu into law four tax-related bills: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act.

In a statement on Sunday, Adeola said the exemption is part of the far-reaching benefits embedded in the four newly enacted tax laws aimed at promoting equity, reducing the burden on low-income earners, and simplifying tax compliance.

Adeola, who represents Ogun west senatorial district, described the reforms as “historic and transformative”, noting that they align with the objectives of the Renewed Hope Agenda.

“The new tax laws will deliver tangible benefits to ordinary Nigerians,” he said.

“Key among these is the zero-rating of VAT on essential goods and services such as basic food items, education, healthcare, sanitary products, and locally manufactured pharmaceuticals.

“More importantly, individuals earning ₦800,000 or less annually are now fully exempt from personal income tax, thereby easing the financial burden on low-income earners and boosting their disposable income.”

Adeola, a member of the senate finance committee that worked on the reforms, said the Nigeria Tax Act will unify fiscal legislation and eliminate multiple taxation to ease compliance for individuals and businesses.

He said the Nigeria Tax Administration Act sets out uniform procedures for tax administration, while the Revenue Service Act expands the mandate of the now-renamed Nigeria Revenue Service to include both tax and non-tax revenue.

He added that the Joint Revenue Board Act creates a legal framework for harmonised tax administration, establishes tax appeal tribunals, and introduces the Office of the Tax Ombudsman to safeguard taxpayers’ rights.

RELIEF FOR LOW-INCOME EARNERS AND SMALL BUSINESSES

According to Adeola, small businesses and start-ups will benefit from simplified registration processes, increased exemption thresholds, and protection against multiple taxation across all levels of government.

He said rural and underserved communities will benefit from better revenue allocation to public infrastructure, including schools, health centres, and roads.

Adeola praised the national assembly for subjecting the bills to robust scrutiny, including public hearings and consultations with stakeholders.

He urged Nigerians to support the full implementation of the laws and said early signs of economic recovery are already visible under Tinubu’s administration.

“The GDP has rebounded to 3.86%, national revenue has grown from ₦12.37 trillion to ₦21.6 trillion, and inflation is declining,” he said.

“The abolition of the dual exchange rate regime has stabilised the naira, restored investor confidence, and attracted over $40 billion in foreign direct investment.”

Adeola added that Nigeria also recorded a ₦18 trillion trade surplus, while non-oil exports have increased by nearly 40 percent.