ABUJA, June 26 (Xinhua) -- Nigerian President Bola Tinubu on Thursday signed into law four bills that comprehensively reform the West African country's tax system, a legislative initiative designed to alleviate the economic burden on low-income earners and small businesses.

The new law, which garnered broad support from various stakeholders, is anticipated to overhaul the country's tax system, foster national economic growth, and enhance the livelihoods of millions of Nigerians through provisions crafted to benefit the less privileged and stimulate the informal sector.

Speaking at the presidential assent ceremony attended by senior government officials and key economic advisors in Abuja, the national capital, Tinubu hailed the new law as "crucial for Nigeria's evolution."

Local experts said the newly enacted legislation makes substantial adjustments to personal income tax thresholds, effectively exempting a larger proportion of low-income earners from direct taxation. It also approves significant reductions in various levies and taxes for micro, small, and medium-sized enterprises, with particular emphasis on those operating in vital economic sectors.

The new law introduces specific tax incentives for enterprises that commit to investment in job creation, vocational training programs, and rural development initiatives, as well as streamlines processes for tax filing and payment for both individuals and small businesses.

Taiwo Oyedele, head of the Presidential Committee on Fiscal Policy and Tax Reforms, told the media in Abuja that this reform marks a crucial stride within the administration's broader economic agenda, signifying a clear commitment to a people-centric approach to national development.

The new law is expected to take effect on Jan. 1, 2026. Enditem