The Federal Government has launched a comprehensive tax reform initiative designed to simplify compliance, protect low-income earners, and strengthen Nigeria’s revenue system.
At a sensitisation forum in Enugu, presidential aide Mrs. Chioma Nweze emphasised the administration’s commitment to fair taxation, particularly for market women and small-scale traders.
Key reforms include exempting businesses with annual turnover below ₦50 million from Companies Income Tax and Value Added Tax, while minimum wage earners will no longer pay personal income tax. Barrister Chukwumeka Eze of the Tax Appeal Tribunal explained that four new tax acts, signed into law on June 26, 2025, have consolidated over 20 previously scattered tax laws.
The reforms introduce a faster dispute resolution system, allowing free complaints with resolutions within 7-14 days. Tax expert Innocent Ohagwa highlighted the benefits for SMEs, which constitute 90% of Nigerian businesses, noting that reduced levies will boost economic growth.
Dr. Zino Ugboma of NELFUND demonstrated how tax revenues are being reinvested in education through interest-free student loans. The forum concluded with calls for public cooperation, with participants like Mrs. Nnenna Otuonye praising the reforms as a step toward equitable economic development.
The initiative follows other Tinubu administration policies, including fuel subsidy removal and exchange rate unification, aiming to create a more balanced fiscal environment.
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cc: Daily Post NG
