The Federal Inland Revenue Service (FIRS) has been renamed the Nigeria Revenue Service (NRS), following the signing of the new Nigeria Revenue Service (Establishment) Act by President Bola Tinubu.
The law is part of a sweeping fiscal reform package aimed at modernising Nigeria’s tax system and improving coordination among tax authorities across the three tiers of government.
Under the new law, the NRS becomes a more autonomous and performance-driven agency, responsible for collecting both tax and non-tax revenues.
Also signed into law was the Joint Revenue Board (Establishment) Act, which establishes a formal structure for federal, state, and local government tax coordination. It also sets up a Tax Appeal Tribunal and a Tax Ombudsman Office to resolve disputes and handle complaints.
Senate President Godswill Akpabio hailed the reform as “historic”, saying the laws harmonise the entire tax system and replace outdated laws such as the Stamp Duties Act last reviewed in 1939.
“You came and saved the country,” Akpabio told the President, referring to the fiscal crisis Tinubu inherited in 2023, with most revenue spent on debt servicing and subsidies.
NECA Director-General, Adewale Smatt-Oyerinde, also welcomed the new laws, saying they will reduce the burden on the private sector and unlock new economic opportunities.
He said: “The organised private sector has struggled with multiple taxes and levies for over a decade. This reform offers hope for a more enabling business environment.”
