Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola (APC, Ogun West), has lauded President Bola Ahmed Tinubu for signing four groundbreaking tax reform laws aimed at overhauling Nigeria’s revenue system and delivering real benefits to citizens, businesses, and investors.

In a statement released on Saturday, Senator Adeola, who also serves on the Senate Finance Committee, described the reforms as “historic, people-oriented, and fiscally strategic,” adding that they align with the Renewed Hope Agenda of the Tinubu administration.

His Media Adviser, Chief Kayode Odunaro, in the statement quoted him thus,
“With the enactment of these transformative tax laws, President Tinubu has once again demonstrated bold leadership and the political will to drive meaningful reforms that promote economic inclusion, reduce inequality, and spur growth,” the senator said.

The statement listed the four laws to include: Nigeria Tax Act, which provides a unified legal framework for tax policy, eliminates multiple and overlapping taxes, and simplifies compliance for citizens and businesses; Nigeria Tax Administration Act, that streamlines tax procedures nationwide, improving efficiency, consistency, and ease of compliance for taxpayers; Nigeria Revenue Service (Establishment) Act, that replaces the FIRS with the Nigeria Revenue Service (NRS) and expands its mandate to manage both tax and non-tax revenue streams more effectively; and the Joint Revenue Board (Establishment) Act, which establishes a central body to harmonize revenue collection across all tiers of government, while also introducing the Office of the Tax Ombudsman to protect taxpayers’ rights and strengthening the Tax Appeal Tribunals framework.

Senator Adeola highlighted key provisions that will immediately impact the lives of millions of Nigerians to include VAT Exemptions: basic food items, education, healthcare, sanitary products, and locally manufactured pharmaceuticals are now zero-rated for VAT, improving affordability and access for ordinary Nigerians.
Personal Income Tax Relief:

Individuals earning ₦800,000 or less annually are now fully exempted from personal income tax—easing the financial pressure on low-income earners and increasing their disposable income.

Startups and MSMEs will benefit from higher exemption thresholds, simplified registration, and streamlined tax filing procedures. They’ll also be shielded from multiple taxation at federal, state, and local levels.

“This is a major win for small businesses and rural communities. Revenue will now be better allocated toward critical infrastructure like schools, health centres, and rural roads,” Adeola added.

Senator Adeola also pointed to the broader economic gains under Tinubu’s leadership, citing fiscal improvements driven by ongoing reforms to include: GDP growth rebounded to 3.86%, the fastest in three years; national revenue rose to ₦21.6 trillion, up from ₦12.37 trillion; budget deficit declined from 6.2% in 2023 to 4.17% in 2025; investor confidence returned, attracting over \$40 billion in foreign capital; non-oil exports increased by nearly 40%; Nigeria posted an ₦18 trillion trade surplus; and above all, the Naira stabilized and the dual exchange rate regime was eliminated, boosting transparency and predictability.

“These reforms have created a strong foundation for sustained recovery. We are moving from economic instability to measurable progress,” Adeola said.

Senator Adeola called on Nigerians to support the full implementation of the new laws and the broader tax reform agenda, urging unity and optimism in building a more inclusive and prosperous Nigeria.

“This is a defining moment. President Tinubu has delivered the blueprint; now it is time for all stakeholders to ensure it works for the Nigerian people.”