President Bola Tinubu has urged the National Assembly to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with a new entity, the Nigeria Revenue Service (NRS). This request was outlined in letters read during sessions in both the House of Representatives and the Senate.
The proposal involves a bill aimed at replacing the FIRS Establishment Act of 2007 with a new framework for the NRS, which would handle the assessment, collection, and management of revenue for the federal government.
In addition, Tinubu called for the passage of three tax reform bills: the Nigeria Tax Bill, the Tax Administration Bill, and the Joint Revenue Board Establishment Bill. The Nigeria Tax Bill would create a unified fiscal framework for taxation, while the Tax Administration Bill would establish a clear legal structure for the efficient administration of tax laws. The Joint Revenue Board Establishment Bill would streamline revenue administration across various levels of government.
The president emphasized that these reforms are aligned with his administration’s goals to enhance tax compliance and promote economic growth.