As Nigerians continue to battle soaring inflation, high fuel prices, and relentless hikes in electricity, President Bola Tinubu is set to sign into law four new tax reform bills today— another wave of financial pressure may be looming for struggling citizens.
The new legislation—comprising the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill—comes at a time when many Nigerians are barely managing to survive.
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From the market to the filling station, the value of the naira has plummeted. Prices of basic food items have doubled. Electricity bills have spiked. Fuel now sells at historic highs, and transport costs have become unbearable for the average citizen.
Analysts are questioning the timing of these reforms and their potential consequences. While government officials say the bills will modernise the tax system, improve revenue collection, and make Nigeria more attractive to investors, many citizens fear they will only deepen the current economic hardship.
The Nigeria Tax Bill is designed to harmonise the country’s tax laws and reduce multiple taxation. The government argues it will ease the burden on businesses and encourage growth. However, sceptics worry it could translate into more aggressive tax enforcement targeting individuals and small businesses already stretched thin.
The Nigeria Revenue Service (Establishment) Bill, which replaces the Federal Inland Revenue Service Act, grants greater powers to the new Nigeria Revenue Service (NRS), including the authority to collect non-tax revenues. Observers warn this could widen the government’s reach into citizens’ pockets without offering relief in return.
The Joint Revenue Board (Establishment) Bill introduces mechanisms such as a Tax Appeal Tribunal and an Office of the Tax Ombudsman, said to protect taxpayers’ rights. But for many Nigerians, these are abstract protections when there is little to no cushion against inflation, job losses, and daily survival costs.
The government maintains that the reforms are part of the broader Renewed Hope agenda aimed at stabilising the economy. But for many in the streets, “renewed hope” rings hollow when there is no food on the table, power is unreliable, and transportation has become a luxury.
Civil society groups have begun calling for transparency and mass sensitisation before implementation. Some are urging the president to delay assent until concrete measures are taken to cushion the effect of inflation and rising costs on the common man.
However, the ThisDay recently analysed Nigeria’s “shock theapy” economic approach, warning that ongoing subsidy removals, rising tariffs, and now tax restructuring may deepen hardship for the average citizen.
A resident in Lagos lamented, “How can we survive this? Everything is expensive already—food, transport, power. Now they are adding tax reform. Reform for who?”
As President Tinubu signs the bills today at the State House in Abuja, he will be surrounded by lawmakers, ministers, and governors. But outside those walls, the Nigerian public will be watching closely—many with scepticism and anxiety over what comes next.
