Stakeholders have expressed support for the tax reform introduced by the administration of President Bola Tinubu, describing it as a major milestone in Nigeria’s tax reform programme.

The president of the Ife Chambers of Commerce, Industry, Mines and Agriculture (IFECCIMA), Samuel Olawole, said the reform would reduce financial pressure on the citizens, particularly small and informal-sector businesses.

Mr Olawole stated this at a seminar organised by IFECCIMA in Ile-Ife on Thursday, aimed at enlightening entrepreneurs and the public on the tax reform.

He urged Nigerians to embrace the reform and seek a proper understanding of its objectives, rather than yielding to fear, misinformation and misconceptions. According to him, many Nigerians wrongly perceive the reform as another avenue for exploitation, stating that adequate information is needed on the policy.

Mr Olawole said chambers have responsibilities to educate members and the public on government policies, adding that businesses require accurate information to remain compliant and competitive.

He advised Nigerians to seek clarification from professionals, institutions, and chambers of commerce and industry instead of relying on rumours that can create unnecessary anxiety.

The Loja of Lukosi Kingdom in Ile-Ife, Oba Lateef Awojobi, commended IFECCIMA for organising the seminar, describing it as timely and capable of reducing public apprehension.

Oba Awojobi said that the reform was introduced to improve economic administration and should not be viewed as burdens, but as offering benefits to businesses and society.

In his lecture, Peter Adedigba of the Osun State University described taxation as fundamental to national development, noting that sustainable growth depends on an efficient tax system.

Mr Adedigba expressed support for the tax reform, saying it would establish a fairer tax structure in which wealthy individuals and companies contribute more to national revenue.

He explained that the reform harmonises several tax laws, including the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act, to simplify tax administration nationwide.

Gbolade Famoriyo, the president of the Osun State Chambers of Commerce, Industry, Mines and Agriculture (OSUCCIMA), urged Nigerians to pay taxes responsibly, saying that national development requires collective efforts from government, businesses and citizens. 

(NAN)