Nigeria to enforce new tax laws, despite opposition concerns

Nigeria to Implement New Tax Laws on Mon, Jan 1, 2024

The government of Nigeria has announced the enforcement of new tax legislation starting Mon, Jan 1, 2024, as confirmed by President Bola Tinubu. This move follows the removal of fuel subsidies and a dual devaluation of the naira within President Tinubu's first year in office, marking tax reform as a significant element of his economic policy.

The introduction of these laws has generated substantial discussion, particularly from opposition lawmakers who have raised concerns about potential constitutional issues. Critics argue that the revised laws contain provisions that were not approved by parliament, potentially leading to constitutional challenges.

Concerns have been expressed regarding the expanded powers granted to tax authorities, such as the ability to seize assets without court orders and the requirement of mandatory upfront payments before tax disputes can be addressed.

In response, President Tinubu has dismissed these claims, asserting that there are no substantial issues that would warrant a delay in implementing the reforms. He has encouraged both businesses and citizens to support the implementation process, emphasizing that it is now in the delivery phase.

Additionally, President Tinubu has committed to maintaining due process and collaborating with lawmakers to promptly address any concerns related to the new tax laws.

Based on reporting by Africanews.