LAGOS, Jan 2, 2026 (BSS/AFP) - Nigeria on Thursday launched a new tax regime that officials said will expand the tax base, ease the tax burden on low-income earners and small businesses, and streamline collection and administration. The four laws -- the Nigeria Tax Law, Nigeria Tax Administration Law, Nigeria Revenue Service (Establishment) Law, and Joint Revenue Board (Establishment) Law -- are a "one-stop shop," simultaneously increasing revenue generation and reducing the tax burden on low-income earners, tax expert Chukwuema Eze told AFP. President Bola Tinubu, who has energetically backed the tax reforms, dismissed the claims, calling them "premature" and "reactive", and said the new tax regime was in Nigeria's best interest. The tax-to-GDP ratio is a measure of a government's capacity to raise money for public services and infrastructure. "This is a significant step toward building a simpler, fairer, and more growth-oriented tax system," Taiwo Oyedele, who heads Tinubu's tax reforms committee, said on X on Thursday.

Source: Bangladesh Sangbad Sangstha January 02, 2026 02:58 UTC