The Nigeria Employers’ Consultative Association (NECA) has expressed excitement over the new Tax Reform laws signed into law by President Bola Tinubu on Thursday, saying it is a step in the right direction.
Mr Adewale-Smatt Oyerinde, the Director-General of NECA, said this while fielding questions from newsmen on the sidelines of the ongoing 4th edition of the Nigeria Employers Summit on Thursday in Abuja.
President Tinubu, yesterday signed into laws, four tax reform bills designed to overhaul Nigeria’s fiscal and revenue administration framework, to promote economic growth.
The four bills were the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The bills are expected to be implement from January 1, 2026.
Mr Oyerinde said that the move by the President would drive the the nation’s economic growth.
“I am very excited about the signing of this new bills as the Organised Private Sector (OPS) have been struggling with the challenges of taxes, levies and fees for over ten years.
“The challenges of efficiency of tax collection has been an issue for every rational stakeholder for a long time.
“So, when Mr President came up with the Presidential Committee, we think it was a step in the right direction and the committee did a very humane job coming up with that bills.
“With the many controversies and unnecessary distractions that came up, at the long last, the bills have been signed today, which we believe is the beginning of the reform,” he said.
However, he raised worry over the implementation, saying it was another hurdle to cross.
“Implementation will always come with its own challenges that we are all not aware of, for now,” he said
Mr Oyerinde said NECA worked directly with the presidential committee throughout the work phase of the Bills and made its inputs readily available, adding that the association will be more interested in the implementation of the tax laws and ready to deepen engagement with the Federal Inland Revenue Service (FIRS), the principal agency to drive the conversation.