Stakeholders Back Tinubu’s Tax Reform Agenda, Urge Nigerians To Embrace New Policy

Stakeholders in the business, financial and traditional sectors have thrown their weight behind the tax reform agenda of President Bola Ahmed Tinubu’s administration, urging Nigerians to embrace the new policy framework and seek proper understanding of its objectives rather than succumb to fear and misinformation.

The call was made on Thursday at a seminar and training programme on “Tax Reform: Implementation and Implications for Businesses” organized by the Ife Chamber of Commerce, Industry, Mines and Agriculture (IFECCIMA) at the Oba Okunade Sijuwade Memorial Hall, Enuwa, Ile-Ife.

Speaking at the event, the President of IFECCIMA, Prince Samuel Kayode Olawole, said the programme was designed to enlighten business owners, entrepreneurs and members of the public on the realities of the Federal Government’s tax reforms and their implications for businesses and economic growth.

According to him, many Nigerians have misunderstood the essence of the reforms, leading to unnecessary apprehension and negative perceptions.

“People have been panicking because they think the tax reform is another opportunity for government to exploit the common man. As members of the Organized Private Sector, we believe Nigerians should be adequately informed about the policy and its benefits before drawing conclusions,” he said.

Prince Olawole noted that training and public enlightenment remain among the core responsibilities of chambers of commerce, stressing that businesses must understand government policies in order to remain compliant and competitive.

“As a foremost organization of business leaders, we have a duty to provide our members and the public with accurate information on government policies and business opportunities. Our goal today is not only to educate participants on the new tax regime but to equip them with the knowledge required to navigate the system successfully and benefit from it,” he stated.

He encouraged Nigerians to seek clarification from professionals and relevant institutions such as the Institute of Chartered Accountants of Nigeria (ICAN) and chambers of commerce rather than relying on rumours and misconceptions.

Also speaking, the Loja of Lukosi Kingdom, Ile-Ife, Oba Lateef Olawale Awojobi, commended IFECCIMA for organizing the seminar, describing it as a timely initiative aimed at reducing public anxiety over the tax reforms.

The monarch said the programme would help citizens understand that the reforms were introduced to improve economic administration and create benefits for both businesses and individuals.

“This seminar is meant to relieve our people of unnecessary fears concerning tax reforms. Tax reform should not be seen as a burden but as a policy that offers advantages to businesses and the wider society when properly understood,” he said.

Delivering the keynote lecture, Dr. Adewumi Peter Adedigba, a lecturer at Osun State University and a practicing Chartered Accountant, described taxation as a fundamental component of national development, noting that taxes have been used for generations to provide infrastructure and public services.

He said no nation can achieve sustainable growth without a functional tax system and responsible citizens who fulfill their tax obligations.

Dr. Adedigba expressed support for the Tinubu administration’s tax reform programme, stating that the reforms are intended to create a fairer and more efficient tax structure.

According to him, one of the major objectives of the reforms is to ensure that wealthy individuals and large corporations contribute more significantly to national revenue while reducing inequities within the system.

“The President understands taxation and fiscal management. The reform is not designed to punish Nigerians but to ensure fairness. Government is seeking to create a system where those with greater financial capacity contribute appropriately, while the proceeds are used to provide services that benefit everyone,” he explained.

The tax expert added that the reforms consolidate several tax laws into a more coordinated framework, including the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act (NTAA), thereby simplifying tax administration across the federal, state and local government levels.

He emphasized that the reforms, which took effect from January 2026, would ultimately strengthen businesses, improve compliance and enhance economic development.

In his remarks, the President of the Osun State Chamber of Commerce, Industry, Mines and Agriculture (OSUN CCIMA), Dr. Falade Famoriyo, called on Nigerians to support government efforts by paying taxes promptly and responsibly.

He said government alone cannot drive development without the cooperation of citizens and businesses.

“For Nigeria to achieve meaningful growth, every citizen must contribute. Tax payment is one of the most important ways through which individuals and businesses support government in providing infrastructure and social services. National development is a collective responsibility,” he said.