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The newly enacted tax reform laws will foster organic growth for businesses across Nigeria, according to the Nigeria Employers’ Consultative Association (NECA), which welcomed the legislation as a long-overdue breakthrough in easing the country’s tax burden and boosting economic productivity.
“Our immediate response is uhuru, thank God because we’ve been advocating for this for a long time,” Adewale-Smatt Oyerinde, director-general of NECA, said.
“The issue of multiple taxes, levies and fees has plagued the organised private sector for over a decade. Inefficiency in tax collection has also remained a challenge for all stakeholders”, he noted.
The reforms, signed into law by President Bola Tinubu on Thursday, were developed by the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele. The four new laws aim to streamline Nigeria’s tax system, improve revenue generation, and reduce compliance costs for individuals and businesses, especially micro, small and medium-sized enterprises (MSMEs).
Speaking at the NECA’s 4th employment summit in Abuja, Adewale-Smatt Oyerinde said the committee did a solid job crafting the bill. “Now that it has been signed into law, we believe this marks the beginning of real reform”, he added while stressing “actual implementation is where the real work begins.”
He acknowledged that the implementation process will likely present new challenges, but said NECA remains optimistic. “We’re pleased the President signed the laws. For organised businesses, having a harmonised tax regime is encouraging. It allows growth to happen organically, from the bottom up,” he said.
According to NECA, the tax laws have implications across the economy, including MSMEs, large businesses, and individuals. Oyerinde described the reforms as triggering a ripple effect that could stimulate broader economic growth.
The NECA DG explained that the summit comes at a defining moment in Nigeria’s socio-economic journey. He said ongoing reforms in taxation, trade, regulatory governance, and sustainability have created both opportunities and challenges, necessitating the need for the private sector to remain fully engaged to ensure that emerging policies are not only enterprise-friendly but also development-driven.
“At NECA, we believe that sustainable growth can only be achieved through intentional collaboration between the government and the private sector. We are proud to convene this gathering as a space for such meaningful engagement.
“As the voice of organised business in Nigeria for over six decades, NECA remains firmly committed to promoting a stable, predictable, and enabling policy and regulatory environment—one in which businesses of all sizes and sectors can thrive, create jobs, and deliver shared prosperity”, Oyerinde assured.
