Tinubu Signs Major Tax Reforms to Modernize Nigeria's System

Nigeria's president just put his signature on major tax changes that will shake up how the country collects money. Bola Tinubu approved four different tax laws that merge into one simple system. The new rules protect poor families and small businesses from paying more taxes. Government officials say the changes will help the economy grow without hurting regular people. Leaders worked hard to make tax rules easier to understand and follow.

The value-added tax stays at 7.5 percent but covers fewer things that families need every day. Food, medicine, schools, electricity, and rent will not have this tax added to their prices. States will receive more money from tax collections than before. The federal government takes less cash and gives more to local areas. This shift puts more tax money closer to where people live and work.

People earning less than one million naira each year will pay no income tax at all. Small companies making under 50 million naira annually also escape income tax completely. Big corporations will see their tax rates drop from 30 percent to 25 percent over the next few years. New offices will help solve tax problems when people disagree with the government. Officials expect tax collections to double within three years if everything works as planned.