The Nigeria Revenue Service (Establishment), NRS bill, has replaced the current Federal Inland Revenue Service Act in the new tax bill President Bola Tinubu signed into law on Thursday.

The NRS bill is one of the four bills President Tinubu signed into law which will transform Nigeria’s fiscal and revenue framework.

The four bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill; the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

It is recalled that the bills generated controversy from Nigerians especially the northern region on the suspicion that the bills does not protect the economic interest of the region.

However, it was eventually passed by the National Assembly after wide consultations with various interest groups and stakeholders.

Speaking on the signing of the bills, Spokesman to the president, Bayo Onanuga said when it becomes operational, the new tax laws will significantly transform tax administration in Nigeria and bring more revenue for the government as well as improve the business environment, and boost domestic and foreign investments.

“One of the four bills is the Nigeria Tax Bill (Ease of Doing Business), which aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute.

“By reducing the multiplicity of taxes and eliminating duplication, the bill will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.

“The second bill, the Nigeria Tax Administration Bill, will establish a uniform legal and operational framework for tax administration across federal, state, and local governments.

“The Nigeria Revenue Service (Establishment) Bill, the third bill, repeals the current Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS). It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.

“The fourth bill is the Joint Revenue Board (Establishment) Bill. It provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government. It introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman,” Onanuga said in a statement.