New tax law expected to support small businesses in Nigeria
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Youth Entrepreneurs has urged the Federal Government to use proceeds from new tax laws for infrastructure development. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, emphasized that the reforms aim to provide relief to Nigerians. Pastor Henry Adesaoye, President of NACCIMA in Ondo State, highlighted that the new tax policy is designed to ease financial pressure on citizens and businesses, especially small businesses. The association remains committed to supporting local entrepreneurs and promoting economic growth.
What we know
- The Federal Government plans to implement the Nigeria Tax Act and the Tax Administration Act on January 1, 2026, despite ongoing controversy.
- Pastor Henry Adesaoye stated that the new tax law will reduce unnecessary taxation and promote fairness, especially for small businesses.
- The reforms are intended to ensure low- and middle-income earners pay less, while high-income earners contribute more.
- The association is organizing a business summit for young entrepreneurs in July 2026 and has produced 65 beneficiaries from its farm training program as of October 2025.
- Mr Sam Adegbola emphasized the importance of supporting young entrepreneurs and connecting them with economic opportunities in Ondo Kingdom.
