The Federal Inland Revenue Service (FIRS) will now be known as the Nigeria Revenue Service (NRS) following the passage of new tax reform bills by the National Assembly. The legislative changes, signed into law by President Bola Tinubu, represent the most comprehensive overhaul of Nigeria’s tax system in decades.
The reforms consolidate various tax and revenue laws into single legislative frameworks designed to simplify compliance, expand the tax net, and improve collection efficiency. Key provisions include updated penalties for tax evasion, streamlined filing procedures for small businesses, and new digital reporting requirements for multinational corporations operating in Nigeria.
Tax experts have welcomed the modernisation of Nigeria’s revenue laws, noting the previous system had become outdated in the digital economy. “The rebranding to Nigeria Revenue Service reflects the agency’s expanded mandate beyond just inland taxes,” explained a fiscal policy analyst. “It now formally incorporates aspects of international taxation and non-oil revenue streams.”
The changes come as Nigeria seeks to boost non-oil revenue amid declining crude production. The NRS will take on enhanced powers to collaborate with financial institutions and deploy advanced analytics for improved tax compliance. However, some business groups have expressed concerns about potential overreach, calling for clear guidelines on the agency’s new enforcement powers.
The Federal Ministry of Finance will oversee a six-month transition period to implement the reforms, including staff retraining and public awareness campaigns about the new tax procedures. Observers say the success of these changes in FIRS will depend on balanced enforcement that encourages voluntary compliance while supporting economic growth.
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cc: Daily Post Ng
