The Institute of Chartered Accountants of Nigeria (ICAN) has commended President Bola Ahmed Tinubu for signing into law four significant tax reform bills aimed at strengthening Nigeria’s fiscal and revenue systems.
Malam Haruna Yahaya, the 61st President of ICAN, gave the commendation during the investiture ceremony of Sani Danbaba as the 5th Chairman of the Gwagwalada and District Society of ICAN.
The event, held in Gwagwalada, Federal Capital Territory, also marked the inauguration of the district’s Executive Committee.
Yahaya, who was represented by Council Member Matthias Dafur, described the new laws as a novel and holistic review of Nigeria’s outdated tax framework, saying the reforms would particularly ease the burden on low-income earners and modernize a system that has remained unchanged for over five decades.
The new tax laws, which were signed by President Tinubu at a ceremony in the Aso Rock Presidential Villa in Abuja, include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Yahaya noted that the bills followed extensive consultations with stakeholders and various interest groups before being passed by the National Assembly.
Speaking at the same event, the newly inaugurated chairman, Sani Danbaba, also praised the President’s initiative, pointing out that the consolidation of major tax components into a single legislation would support institutional growth and make tax compliance more manageable for businesses.
Danbaba pledged that the new executive would prioritize micro, small, and medium-sized enterprises (MSMEs) within the district, exploring ways to add value to their operations and support their growth.
He emphasized that over 60 percent of Nigeria’s economic activities are driven by MSMEs, which makes them a crucial sector for economic development.
The outgoing chairman, Sosanwo Akinwunmi, congratulated the new leadership and urged them to build on the solid foundation laid by previous administrations.
He expressed confidence in the team’s capacity to advance the district and contribute meaningfully to the development of the accounting profession and the national economy.
