By Sunday Michael Ogwu
The Abuja Chamber of Commerce and Industry (ACCI) has applauded President Bola Ahmed Tinubu for signing into law four landmark tax reform bills, describing the development as a “bold and strategic” move to enhance Nigeria’s business environment, attract investment, and build a fairer tax system.
The ACCI, in a statement signed by its President, Chief Emeka Obegolu, said the new laws mark a turning point in Nigeria’s economic journey, coming at a time when the country urgently needs inclusive and investor-friendly reforms.
Key Reforms Welcomed by the Business Community
The four newly enacted laws include:
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The Nigeria Tax Bill (Ease of Doing Business)
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The Nigeria Tax Administration Bill
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The Nigeria Revenue Service (Establishment) Bill
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The Joint Revenue Board (Establishment) Bill
According to the ACCI, these reforms are designed to harmonise Nigeria’s fragmented tax system, streamline administration across all levels of government, eliminate multiple taxation, and improve overall compliance.
Of particular note is the exemption of small businesses with annual turnover below ₦50 million from paying Company Income Tax (CIT). This also comes with simplified filing procedures that remove the requirement for audited accounts — a move the Chamber says will lighten the burden on SMEs, boost reinvestment, and foster job creation.
“The upward review of the CIT exemption threshold from ₦25 million to ₦50 million reflects a clear intention to empower small businesses,” the Chamber stated. “It is a progressive step that acknowledges the realities facing entrepreneurs and encourages innovation.”
Corporate Tax Cuts and Institutional Overhaul
The Chamber also welcomed the phased reduction of corporate tax rates for larger firms — from 30% to 27.5% in 2025 and 25% in subsequent years — as a strategic incentive to improve investor confidence and sharpen Nigeria’s global competitiveness.
A major structural change introduced by the reform is the replacement of the Federal Inland Revenue Service (FIRS) with the newly created Nigeria Revenue Service (NRS) — a more autonomous, performance-driven agency. The Joint Revenue Board is also expected to improve coordination among tax authorities nationwide.
Support With Caveats
While largely supportive, the ACCI raised concerns about provisions affecting professional service providers, urging the government to ensure clarity and fairness in enforcement to avoid unintended effects such as tax evasion or increased informality.
The Chamber also endorsed the government’s decision to retain VAT at 7.5% and uphold exemptions for essential goods and services like food, medicine, electricity, education, and healthcare — a move it said protects low-income Nigerians.
Call for Sustained Political Will
“These tax reforms represent a bold and commendable shift toward building a system that works for everyone, especially underserved sectors,” said the ACCI. “However, success will depend on strong political will and consistent implementation.”
The Chamber reaffirmed its commitment to supporting the federal government through policy dialogue, technical assistance, and continuous public engagement.
“As the voice of the private sector, ACCI will continue to advocate for reforms that promote business growth, encourage formalisation, and level the playing field — especially for SMEs, which are the backbone of Nigeria’s economy,” the statement concluded
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.