Billionaire businessman and Chairman of First HoldCo, Femi Otedola, has commended President Bola Ahmed Tinubu for signing into law four key tax reform bills, describing the move as a bold and strategic step towards a more transparent and investment-friendly economy.
In a statement shared via his official X (formerly Twitter) handle on Friday, Otedola expressed optimism that the new tax laws would simplify the system, promote fairness, and enhance investor confidence in Nigeria’s fiscal landscape.
“As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR,” he wrote. “The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy. This is how we build a stronger private sector and a more prosperous Nigeria.”
Otedola praised all stakeholders who contributed to the reform process, noting that the reforms go beyond tax payments—they are about building a system where public funds are used to develop infrastructure, stimulate productivity, and drive inclusive growth.
“I am inspired to invest more, and many other investors share the same sentiment,” he added.
President Tinubu had, on Thursday, assented to four major tax-related bills passed by the National Assembly after widespread consultation with stakeholders. The newly signed laws include:
The Nigeria Tax Bill
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill
The Joint Revenue Board (Establishment) Bill
According to the Presidency, the reforms aim to modernise tax administration, increase revenue generation, and attract both domestic and foreign investment by creating a more stable and business-friendly environment.
Speaking on the implementation timeline, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said the new regime will take effect from January 1, 2026.
“It takes time for all the stakeholders, participants, operators, and the regulator to change the system,” Adedeji explained. “With the magnanimity of the National Assembly, Mr. President assented to the bills. So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning.”
Despite the optimism from federal authorities and business leaders like Otedola, the new tax bills have sparked debate across the country. Several governors raised concerns that certain provisions could strain state finances and potentially affect their ability to meet obligations like staff salaries.
However, the Presidency and lawmakers assured that extensive consultations were held to address such concerns and ensure a balanced approach that supports national development without crippling state economies.
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