Tax reform will ease pressure on businesses, stakeholders say

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Key points

• Stakeholders have backed the Federal Government’s tax reform programme.
• Business leaders say the reform will reduce pressure on small businesses.
• The seminar was organised to address public concerns and misconceptions.
• Experts say the reform will create a fairer and more efficient tax system.
• Stakeholders urged Nigerians to seek accurate information and comply with tax obligations.

Main Story

Stakeholders have expressed support for the tax reform introduced by the administration of President Bola Tinubu, describing it as a significant step in Nigeria’s tax reform programme.

The endorsement came at a seminar organised by the Ife Chambers of Commerce, Industry, Mines and Agriculture (IFECCIMA) in Ile-Ife on Thursday to educate entrepreneurs and members of the public on the reform. President of IFECCIMA, Samuel Olawole, said the reform would reduce financial pressure on citizens, particularly small businesses and operators in the informal sector. He urged Nigerians to embrace the reform and seek a proper understanding of its objectives rather than relying on misinformation and misconceptions.

Olawole said many citizens viewed the reform as another avenue for exploitation because of inadequate information, stressing the need for greater public enlightenment. He added that chambers of commerce have a responsibility to educate their members and the wider public on government policies, noting that businesses require accurate information to remain compliant and competitive. The Loja of Lukosi Kingdom in Ile-Ife, Oba Lateef Awojobi, commended IFECCIMA for organising the seminar, describing it as timely and capable of reducing public anxiety about the reform.

According to him, the reform was introduced to improve economic administration and should be seen as beneficial to both businesses and society. In a lecture delivered at the event, Peter Adedigba of Osun State University described taxation as central to national development and said sustainable economic growth depends on an efficient tax system. Adedigba said the reform would create a fairer tax structure by ensuring that wealthier individuals and companies contribute more significantly to government revenue.

He explained that the reform harmonises several tax laws, including the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act, to simplify tax administration across the country. President of the Osun State Chambers of Commerce, Industry, Mines and Agriculture (OSUCCIMA), Gbolade Famoriyo, urged Nigerians to fulfil their tax obligations, noting that national development requires collaboration between government, businesses and citizens.

The Issues

• Public misconceptions about the tax reform programme.
• Need for greater taxpayer education and awareness.
• Compliance challenges among businesses and individuals.
• Efforts to simplify tax administration nationwide.
• Balancing revenue generation with support for businesses.

What’s Being Said

• Samuel Olawole, President of IFECCIMA, said: “Many Nigerians wrongly perceive the reform as another avenue for exploitation.”
• He urged Nigerians to embrace the reform and seek proper understanding of its objectives rather than yielding to fear, misinformation and misconceptions.
• Oba Lateef Awojobi, Loja of Lukosi Kingdom, said the reform should not be viewed as a burden but as a policy designed to improve economic administration.
• Peter Adedigba of Osun State University said the reform would establish a fairer tax structure where wealthy individuals and companies contribute more significantly to national revenue.
• Gbolade Famoriyo, President of OSUCCIMA, urged Nigerians to pay taxes responsibly, saying national development requires collective efforts from government, businesses and citizens.

What’s Next

• Continued stakeholder engagement on the tax reform.
• Increased public sensitisation and taxpayer education.
• Implementation of harmonised tax laws nationwide.
• Greater focus on compliance and transparency in tax administration.

Bottom Line

Stakeholders say Nigeria’s tax reform could improve tax administration, reduce pressure on smaller businesses and create a fairer system, but public understanding and effective implementation will be critical to its success.