The Nigeria Employers’ Consultative Association (NECA) has expressed strong support for President Bola Tinubu’s newly signed tax reform laws, describing them as a positive development for Nigeria’s business environment.
Speaking in Abuja at the 4th Nigeria Employers Summit on Thursday, NECA Director-General, Mr. Adewale-Smatt Oyerinde, said the reforms would provide much-needed relief to the Organised Private Sector (OPS), which has long grappled with complex and burdensome tax regulations.
Earlier that day, President Tinubu signed four key tax bills into law: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. The new laws aim to restructure Nigeria’s fiscal and revenue systems to foster economic growth.
“I am very excited about the signing of these new bills, as the OPS has faced numerous challenges from taxes, levies and fees for over a decade,” Oyerinde said.
He noted that the creation of the Presidential Committee on Tax Reforms had signalled renewed hope, adding, “The committee did a very humane job in drafting these bills.”
While acknowledging the controversies and distractions during the legislative process, he said their passage marked a critical milestone.
“Now that the bills have been signed into law, we believe this is the beginning of genuine reform,” he added.
However, Oyerinde cautioned that successful implementation would be the real test. “Implementation always comes with challenges, some of which we cannot foresee.”
He also disclosed NECA’s active involvement in the drafting process and pledged continued collaboration with the Federal Inland Revenue Service (FIRS) to ensure effective implementation.
Also speaking at the summit, NECA President, Dr. Ifeanyi Okoye, emphasised the group’s commitment to helping businesses of all sizes thrive and contribute to national development.
He urged the government to remain steadfast in implementing resolutions from the summit, themed: “Enabling Sustainable Enterprise in a Transitioning Economy: Aligning Fiscal, Trade and Regulatory Reforms for Rapid Development.”
In his remarks, the Minister of Labour and Employment, Mr. Muhammadu Dingyadi, commended NECA for fostering dialogue between the public and private sectors. The Minister of Interior, Mr. Olubunmi Tunji-Ojo, also praised NECA for its consistency and collaborative approach to reform.
