Billionaire businessman and chairman of First HoldCo, Femi Otedola, has expressed strong support for Nigeria's new tax reform laws, stating that the changes have inspired him to increase his investments in the country.
In a post on his official X handle on Friday, Otedola described the tax laws recently signed by President Bola Tinubu as "a bold, necessary step toward a more transparent, efficient, and investment-friendly economy."
The business magnate emphasized that the reforms would reduce complexity, promote fairness, and restore confidence in Nigeria's revenue collection and utilization systems.
Building a Stronger Private Sector
"This is how we build a stronger private sector and a more prosperous Nigeria. Kudos to everyone who contributed to this landmark achievement for Nigeria. I am inspired to invest more, and many other investors share the same sentiment," Otedola stated.
According to the billionaire, the reforms represent more than just tax collection—they establish a system where public resources can effectively fund infrastructure, unlock productivity, and fuel inclusive economic growth.
Implementation Timeline
President Tinubu assented to four tax reform bills on Thursday, which were recently passed by the National Assembly after extensive consultations with various stakeholders.
The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, confirmed that the new tax regime would commence on January 1, 2026, allowing a six-month period for sensitization and planning.
"It takes time for all the stakeholders, participants, operators, and the regulator to change the system. So, with the magnanimity of the National Assembly, Mr President assented to the bills," Adedeji explained.
The Four Tax Reform Bills
The four bills signed into law include:
The Nigeria Tax Bill
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill
The Joint Revenue Board (Establishment) Bill
BenriNews reports that the presidency has stated that these new tax laws are expected to positively impact tax administration in the country, leading to increased revenue generation, an improved business environment, and a boost in both domestic and foreign investments.
Despite initial controversies and criticisms from various quarters, including some governors who expressed concerns about their states' ability to pay staff salaries under certain provisions of the bills, the Presidency and National Assembly have maintained that stakeholders were adequately engaged and concerns addressed.
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