RMAFC Chairman praises new Nigeria Tax Reforms signed by President Tinubu, offering major relief to low-income earners and strengthening the nation’s fiscal architecture for sustainable growth

The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has described the recent tax reform bills, signed into law by President Bola Tinubu, as a major relief for millions of low-income Nigerians.

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These individuals have long struggled under the weight of taxation while earning modest incomes, a situation the new laws aim to alleviate.

Dr. Muhammed Shehu, Chairman of the Commission, stated that the passage of these tax reforms, alongside the new RMAFC bill, marks a transformative step towards strengthening the nation’s fiscal architecture.

He highlighted President Tinubu’s determination to address longstanding issues in revenue generation, allocation, and economic management, which are crucial for the nation’s economic stability and growth.

“These reforms are not just administrative changes; they are deliberate efforts aimed at modernising Nigeria’s tax system, strengthening compliance, and widening the tax base,” Dr. Shehu said.

He further explained that, “Ultimately, this will promote inclusive economic growth across all sectors and reduce our over-reliance on oil revenue,” signaling a strategic shift in the nation’s economic planning.

This marks a significant move for Nigeria Tax Reforms.

Dr. Shehu added that the reforms are meticulously designed to enhance transparency and accountability in the management of public funds.

This, he believes, will pave the way for more sustainable economic development across the country.

The Commission firmly believes these measures will stimulate growth, create a fairer tax environment for all citizens, and crucially, give low-income earners the much-needed breathing space they desperately require to improve their livelihoods.

Commending the President’s comprehensive approach, Dr. Shehu described the reforms as a product of visionary leadership and a practical, responsive solution to Nigeria’s current socio-economic realities.

“By signing these bills into law, President Tinubu has shown a deep understanding of the economic challenges faced by everyday Nigerians and has taken concrete action to address them,” he affirmed, highlighting the President’s commitment to the welfare of the populace.

The Commission also extended its profound appreciation to the National Assembly for its crucial role in bringing these significant reforms into effect.

Dr. Shehu specifically acknowledged the concerted efforts of Senate President Godswill Akpabio and Speaker of the House of Representatives, Rt Honourable Tajudeen Abbas.

He also praised the contributions of the Attorney General of the Federation, Chief Lateef Olasunkanmi Fagbemi SAN, along with other key policymakers and stakeholders who collaborated tirelessly to move the essential legislation forward, ensuring its successful passage.

Looking ahead, the RMAFC assured the federal government of its continued and unwavering partnership in the comprehensive implementation of the new tax framework.

The Commission reiterated its commitment to collaborating closely with all relevant agencies to ensure that the intended benefits of these reforms are fully realised.

These benefits include greater revenue efficiency, the establishment of a fairer taxation system, and broader economic growth that will positively impact all citizens.

“These reforms represent a milestone in our national journey to diversify the economy and secure long-term prosperity for Nigerians,” Dr. Shehu concluded.

He affirmed the Commission’s readiness to provide full support for the successful and equitable implementation of these transformative changes, for the collective benefit of all Nigerians.

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The Nigeria Tax Reforms are poised to reshape the nation’s financial landscape.