Tinubu seeks rename of FIRS in four executive bills transmitted to N’Assembly

Nigerian President Asiwaju Bola Ahmed Tinubu has sent four executive bills to the national assembly seeking to reform the country’s tax system.

According to reports, one of the bills titled “The Nigeria Revenue Service (Establishment) Bill, 2024, is seeking the National Assembly approval to change the name Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS).

The president, in a letter read by the President of the Senate, Godswill Akpabio, during plenary on Thursday, asked the lawmakers to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007.

Other reform bills in the letter titled, ‘Transmission of Fiscal Policy and Tax Reform Bills transmitted to the National Assembly by the President are the Nigeria Tax Bill, which seeks to provide a consolidated fiscal framework for taxation in Nigeria.

The Nigeria Tax Administration Bill seeks to provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance and reduce tax disputes to optimise revenue was also transmitted.

Tinubu said, “I am confident that the bill, when passed, will encourage investment, boost consumer spending and stimulate Nigeria’s economic growth.”