The Institute of Chartered Accountants of Nigeria (ICAN) has thrown its weight behind President Bola Tinubu’s recent enactment of four major tax reform laws, praising the move as a strategic step toward revitalizing Nigeria’s economy and easing burdens on low-income earners.
The endorsement came during the investiture of Sani Danbaba as the 5th Chairman of the ICAN Gwagwalada and District Society in the Federal Capital Territory, where Malam Haruna Yahaya, ICAN’s 61st President, delivered his remarks through Council Member Matthias Dafur.
Yahaya described the tax overhaul as a holistic and long-overdue review of Nigeria’s fiscal laws; many of which had remained unchanged for over 50 years. He emphasized that the newly signed bills are designed to lessen the tax load on vulnerable groups, while also improving the efficiency of tax administration across the country.
“These new reforms reflect thoughtful consultations and address long-standing issues in our tax system. This is a bold step by the President that will benefit the average Nigerian,” he said.
The Four New Tax Bills
Signed at the Presidential Villa in Abuja, the new laws include:
- The Nigeria Tax Bill
- The Nigeria Tax Administration Bill
- The Nigeria Revenue Service (Establishment) Bill
- The Joint Revenue Board (Establishment) Bill
The bills passed through months of stakeholder engagement before gaining approval from the National Assembly.
Speaking after his investiture, Sani Danbaba applauded the legislation for consolidating key tax components under one umbrella, saying it would streamline compliance and foster growth among businesses and government agencies.
He pledged to focus his leadership on supporting micro, small, and medium-sized enterprises (MSMEs) in the Gwagwalada area.
“Our goal is to empower local businesses, especially in the MSME sector, which accounts for over 60% of Nigeria’s economic activities. This new tax framework can help them thrive,” he added.
Leadership Transition and Vision Ahead
Outgoing chairman Sosanwo Akinwunmi congratulated the incoming executives and encouraged them to build on the district’s existing accomplishments. Yahaya also urged the newly inaugurated executive team to work collaboratively, describing their new role as demanding but achievable given their experience and capacity.
The event marked not just a celebration of new leadership, but a renewed push for fiscal reform, professional development, and economic inclusivity, championed by one of the nation’s most respected accounting bodies.
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