… As Oyedele outlines new tax incentives for SMEs
The MTN Foundation has graduated 5,980 young entrepreneurs under its ICT and Digital Skills Initiative, with 600 top participants receiving equipment grants to scale their businesses.
Speaking during the graduation ceremony in Abuja on Wednesday, Taiwo Oyedele, Minister of State for Finance Designate and Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, highlighted the Federal Government’s new tax reforms for micro, small, and informal businesses.
Under the new framework, Oyedele said, micro and small enterprises with annual turnover below N100 million and assets under N250 million qualify for zero per cent corporate income tax. They are also exempt from Value Added Tax (VAT) and withholding tax deductions.
“Informal businesses earning up to N12 million annually are exempt from personal income tax under a new presumptive tax regime, while those above the threshold will pay one per cent of turnover,” he added.
Oyedele explained that the reforms aim to simplify the tax system, reduce multiple taxation, and create a more business-friendly environment. “For many years, our tax system was too complex for small businesses to navigate. The new framework is simpler, fairer, and more transparent,” he said.
He also announced the establishment of a Tax Ombudsman Office to handle complaints of unfair tax treatment and mediate disputes between taxpayers and revenue agencies at no cost. A new tax harmonisation law, being adopted by several states, is expected to eliminate nuisance taxes, prohibit cash collection of levies, and curb harassment of entrepreneurs.
Twelve states have already enacted the Tax Harmonisation Law, 13 others have tabled it for legislative approval, while additional states are at various stages of implementation.
Mosun Olusoga, MTN Foundation Chairman, represented by Surajudeen Yakubu, the Foundation’s Director, said the graduation celebrates the success of the initiative, which has trained over 15,000 young Nigerians across Plateau, Bayelsa, Bauchi, Sokoto, and Edo states.
Olusoga said the 600 equipment grants demonstrate the foundation’s commitment to supporting enterprises, urging participants to build businesses that generate value, create jobs, and contribute to economic growth.
“The graduates are now positioned to leverage opportunities within Nigeria’s entrepreneurial ecosystem. Financial discipline, good record-keeping, and building trust in their brands should guide them moving forward,” she said.
Since its inception, the MTN Foundation’s Young Innovators and Entrepreneurs Training Initiative and ICT Business School Initiative have trained over 15,000 young Nigerians with skills and tools to build sustainable businesses.
The graduation ceremony was attended by government officials and private sector stakeholders.
