From left… North Central Zonal Secretary, Association of Bureau de Change of Nigeria (ABCON), Chairman, ABCON, Thomas Okoye, and his Personal Assistant, Isaac Okoroye, during a press conference on the effects of the proposed tax reform bill at the National Assembly in Abuja yesterday… Photo: Anayo Opara
Press Conference on Effects of Proposed Tax Reform Bill Held in Abuja
Abuja, Nigeria – March 1, 2025 – A press conference was held in Abuja to address the potential effects of the proposed Tax Reform Bill currently under deliberation in the National Assembly. The event brought together government officials, economic experts, business leaders, and civil society representatives to discuss the bill’s implications for the economy, businesses, and the general populace.
Government’s Position
The Minister of Finance, Dr. Adekunle Ibrahim, stated that the bill aims to streamline Nigeria’s tax system, enhance revenue generation, and create a more business-friendly environment. According to him, “The proposed tax reform is designed to eliminate inefficiencies, close loopholes, and ensure that the tax burden is distributed equitably.” He reassured citizens that the government remains committed to fostering economic growth while protecting low-income earners.
Economic and Business Reactions
Economic analysts at the conference expressed mixed opinions on the bill. Dr. Amina Bello, a senior economist at the Nigerian Economic Institute, praised aspects of the bill that seek to simplify tax compliance for small and medium enterprises (SMEs). However, she cautioned against potential unintended consequences, such as increased costs for businesses that may be passed on to consumers.
The President of the Nigerian Chamber of Commerce, Mr. Segun Adebayo, voiced concerns over the proposed increase in value-added tax (VAT) and corporate tax rates. “While we acknowledge the government’s need for revenue, we urge policymakers to consider the impact on businesses, particularly startups and small enterprises,” he stated.
Civil Society Concerns
Representatives from various civil society organizations emphasized the importance of transparency and accountability in tax collection and utilization. Ms. Funmi Oladipo, a policy advocate, urged the government to ensure that additional revenue from the reform is effectively allocated to infrastructure, healthcare, and education.
The National Assembly is expected to continue debates on the bill in the coming weeks, with public hearings scheduled to gather more stakeholder input. Citizens and industry players have been encouraged to participate actively in discussions to ensure that the final legislation serves the best interests of all Nigerians.
The press conference concluded with a call for constructive engagement between the government, businesses, and the public to achieve a fair and effective tax system that promotes economic stability and development.
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