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The Nigeria Revenue Service (NRS) is the most prepared institution for the implementation of the new tax reforms scheduled to take effect in January 2026, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Speaking at the Nigerian Economic Summit Group’s (NESG) Half-Year Private Sector Forum in Lagos on Tuesday, Oyedele commended the NRS for its readiness. “The Nigeria Revenue Service is the most ready of all our stakeholders. We are grateful for their level of cooperation, and we believe they will be prepared by January 1,” he said.
President Bola Tinubu recently signed the new tax acts into law, with the one-year transition period intended to allow for sensitisation and proper planning. One of the reforms formally renames the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service.
Oyedele emphasised that the reforms are not aimed at taxing vulnerable populations or small businesses but rather at stimulating economic growth. “Revenue generation should not come from your vulnerable population. Protecting low-income earners and small businesses is non-negotiable. Instead, closing the tax evasion gap, scaling businesses, and stimulating growth will naturally boost revenues over time,” he explained.
He added that constitutional provisions remain at the root of Nigeria’s problem of multiple taxation. Local governments, for instance, retain powers to levy taxes such as wheelbarrow and bicycle fees, which he described as outdated. The committee has already submitted proposals to the National Assembly to streamline these practices. “Even local governments can collect one efficient tax and still raise more revenue while citizens pay less. It’s a win-win,” Oyedele noted.
The forum, themed “Staying the Course on Reforms: Turning Economic Gains into Social Progress,” also featured NESG Chairman Olaniyi Yusuf, who stressed that reforms must translate into real benefits for citizens. He outlined three national priorities: supporting business continuity, boosting productivity and job creation, and strengthening social protection.
NESG’s Chief Economist, Dr. Olusegun Omisakin, projected GDP growth of 3.8% in 2025, with inflation expected to close the year at 24.5%. A panel discussion that included Oyedele and top business leaders reinforced the need to sustain current reforms and improve access to credit for the private sector.
Closing the event, NESG CEO Dr. Tayo Aduloju highlighted the persistent financing gap faced by businesses of all sizes. “From conglomerates to MSMEs to nano-enterprises, access to credit remains a major challenge. Beyond stabilisation, we must build capabilities for households, individuals, and businesses to thrive,” he said.
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