Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola (APC – Ogun West), has revealed that President Bola Ahmed Tinubu’s economic reforms over the past two years have attracted more than $40 million in foreign investments into the Nigerian economy.

Senator Adeola made this known on Sunday while also commending the President for signing into law four landmark tax reform bills passed by the National Assembly.

The President assented to the bills on Thursday, marking a significant step in overhauling Nigeria’s tax system to boost productivity and attract further investments.

They include: The Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and the Joint Revenue Board (Establishment) Act. The tax laws are expected to take effect from January 1, 2026.

He said the laws are geared towards transforming Nigeria’s fiscal landscape, eliminate burdensome taxes imposed on vulnerable Nigerians, reduce tax compliance complexities, foster domestic productivity and help position the country as the destination of choice for foreign direct investments.

In a statement by his Media Adviser, Kayode Odunaro, in Abuja, Adeola, a public finance and tax expert, also commended the leadership and members of the National Assembly for the thorough scrutiny and passage of the four tax reform bills.

He urged all well-meaning Nigerians to support the Renewed Hope Agenda of the President and the full implementation of the historic tax laws that promise the maximization of peoples’ welfare and economic prosperity for all.

Adeola said: “The signs of Nigeria’s economic recovery under President Tinubu’s leadership are clear and measurable. GDP growth rebounded to 3.86 per cent, the fastest in three years, while national revenue rose to N21.6 trillion from N12.37 trillion, reflecting stronger fiscal performance.

“The budget deficit dropped from 6.2 per cent in 2023 to 4.17 per cent in 2025 and forex reforms have restored investor confidence and stabilized markets.

“Inflation is declining, the Naira has stabilized and the dual exchange rate regime has been abolished, creating transparency and attracting over $40 billion in foreign investment.

“Non-oil exports have grown by nearly 40 per cent and Nigeria recorded a N18trillion trade surplus,”

He added that the National Assembly acted as the people’s parliament when controversy arose on certain provisions in the tax reform bills by engaging critical stakeholders and concerned members of the public through robust consultations, public hearings, and expert reviews.

Adeola said: “This participatory process ensured that the final legislation reflects the collective interest of Nigerians, striking a balance between fiscal sustainability, equity, economic growth and social welfare that aligns fully with the vision and values of the Renewed Hope Agenda of President Tinubu.”

Senator Adeola, who is also a member of the Senate Finance Committee that midwifed the laws, said that with the enactment of these four transformative tax laws – Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act –, the President has demonstrated yet again, purposeful leadership and political will to initiate and see through critical reforms required to promote inclusive growth and economic development in Nigeria.

“In specific terms, the Nigeria Tax Act will provide a unified fiscal legislation governing taxation in Nigeria, while reducing tax duplication and multiplicity in order to simplify tax compliance for individuals and businesses.

“The Nigeria Tax Administration Act will provide uniform procedures for consistent and efficient administration of tax laws in order to facilitate compliance by taxpayers and optimization of tax revenues,” he said.

According to him, the Nigeria Revenue Service, (Establishment) Act which replaced the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS), expanded the mandate of the revenue agency to include optimizing government revenues from tax and non-tax sources.

He added that the Joint Revenue Board (Establishment) Act set up the Joint Revenue Board to harmonize and coordinate revenue administration in Nigeria as well as provided the legal framework for the operations of Tax Appeal Tribunals and introduces the Office of the Tax Ombudsman for protection of taxpayers’ rights.

“Importantly, it is worthy to mention that these reforms will deliver tangible and far-reaching benefits to ordinary Nigerians.

“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, making them more accessible and affordable for the general population.

“In addition, individuals earning N800,000 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,” he said.

 According to Senator Adeola, the tax reform laws offer numerous benefits, particularly for small businesses and start-ups, which stand to gain from increased turnover thresholds for tax exemptions, simplified registration and filing processes, and safeguards against multiple taxation across federal, state, and local governments. 

He added that rural and underserved communities are also expected to benefit from improved allocation of tax revenues toward essential infrastructure and public services, including schools, health centres, and rural roads.