Billionaire businessman Femi Otedola has praised President Bola Tinubu for signing the tax reform bills into law, calling it a bold step toward creating a more transparent, efficient, and investment-friendly economy in Nigeria.
In a post on his X handle, Otedola expressed his enthusiasm, saying that the reforms would help to reduce complexity, promote fairness, and restore confidence in revenue collection and utilization.
”As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR.
“The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy,” Otedola said.
According to him, the reforms would reduce complexity, promote fairness, and restore confidence in how revenues are collected and used.
He said, ”the new tax laws will not only improve the business environment but also contribute to building a stronger private sector and a more prosperous Nigeria.”
He mphasised that the reforms went beyond tax payment, focusing on creating a system where taxes fund infrastructure, unlock productivity, and drive inclusive growth.
Otedola also commended everyone who contributed to the achievement.
“It’s not just about paying taxes. It’s about building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth.
“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,” he added.
Otedola’s endorsement is seen as a significant boost to the reforms, with many investors likely to share his sentiment.
He said ,”I am inspired to invest more, and many other investors share the same sentiment.
The new tax regime is expected to start on January 1, 2026, allowing six months for sensitisation and planning.
Recalled that President Tinubu on Thursday assented to the four tax reform bills recently passed by the National Assembly.
The short ceremony, which took place at the Presidential Villa, was attended by the leadership of the National Assembly and some legislators, governors, ministers, and the President’s aides.
The four bills – the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill – were passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
According to the presidency, the new tax laws will significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments.
Addressing newsmen, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said the new tax regime would begin on January 1, 2026.
He said, “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.
“So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning,” he added.
