Assessing the Economic Impact of Nigeria's New Tax Laws: Implications for Revenue Mobilization, Private Sector Growth and Fiscal Stability

This study assesses the economic impact of Nigeria’s new tax laws, particularly the Finance Acts enacted between 2019 and 2023, with emphasis on their implications for revenue mobilization, private sector growth, and fiscal stability. Using a mixed-method research design, the study analyses secondary data from FIRS, NBS, CBN, and IMF. The findings reveal significant improvements in VAT and non-oil revenue collection, indicating enhanced revenue mobilization. While the reforms have supported fiscal sustainability, their impact on the private sector is nuanced. SME growth rebounded after initial disruptions, yet tax compliance remains a challenge due to administrative inefficiencies and inadequate education. The study recommends improved tax administration, simplified compliance processes, and strategic engagement with informal sector actors to ensure that Nigeria’s tax system supports inclusive economic development.