Tinubu's Tax Reform: A Bold Fiscal Reset for Nigeria

President Bola Tinubu announced new tax laws in Nigeria starting January 1, amid criticism over discrepancies between the gazetted and passed texts. Despite opposition concerns of potential constitutional breaches, Tinubu advocates for these changes to boost revenue, urging support for the 'once-in-a-generation' fiscal reform.

Nigeria is set to enforce sweeping new tax laws from January 1, as announced by President Bola Tinubu. This move has sparked controversy due to discrepancies between the gazetted text and the version passed by lawmakers.

After ending subsidies and devaluing the currency twice in 2023, Tinubu aims to overhaul the tax system to boost revenue and efficiency. He described the reforms as a 'once-in-a-generation' opportunity for fiscal reset and called on citizens and businesses for support.

Despite opposition claims of unauthorized insertions in the laws, which grant tax authorities extensive powers, the president remains steadfast. Tinubu assures adherence to due process and is open to discussing concerns with lawmakers.

(With inputs from agencies.)