LCCI urges transparent tax reforms to support businesses
Leye Kupoluyi, President of the Lagos Chamber of Commerce and Industry, has emphasized the importance of transparent implementation of the Tax Reform Act for Nigeria’s economic growth. The Chamber highlighted that fiscal reforms gained momentum with the signing of the Tax Reform Act in June 2025, which is set to take effect from 1 January 2026. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, clarified that the new tax laws will not result in automatic deductions from personal bank accounts. The LCCI also reviewed Nigeria’s economic performance in 2025 and outlined priorities for 2026.
TLDR
- The Tax Reform Act, signed in June 2025, consolidates multiple tax laws and takes effect from 1 January 2026.
- Leye Kupoluyi stressed that transparent implementation is crucial to ease compliance and support businesses.
- Taiwo Oyedele assured that the new tax system is based on self-declaration, not direct bank debits.
- The LCCI noted that Nigeria’s GDP grew by 3.98% in the third quarter of 2025, mainly driven by the services sector.
- The Chamber expressed concern over weak capital budget implementation and rising public debt, which reached about N152.39tn in June 2025.
