President Bola Tinubu Wednesday declared that there should be no need for apprehension about the new tax laws starting January, 2026.
He said this in Ibadan Wednesday in an address delivered at the 8th Annual Senator Abiola Ajimobi Roundtable and 76th Posthumous Birthday held at the University of Ibadan, themed: “Pathways to Electoral Credibility: Reforms, Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy.”
Represented by the executive chairman, Federal Inland Revenue Service (FIRS), Dr. Zaccheus Adedeji, President Tinubu urged Nigerians not to be apprehensive about the new tax regime as the law is coming with good news to the poor, the low-income earners as well as small businesses.
He pointed out that the impact of the various improvements of the various reforms his administration has introduced will be felt more by Nigerians, particularly in the New Year with huge reliefs coming from the new tax laws which will exempt food, medication, education, agriculture and shared transportation from burdensome taxes and free businesses from multiple taxes.
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“I wish to use this opportunity to assure Nigerians that there should be no apprehensions about the new tax laws, which implementation is starting next year.
“The laws come with good news to the poor, the low-income earners as well as small businesses.
“The impact of these improvements will be felt more by Nigerians, particularly in the new year with huge reliefs coming from the new tax laws which exempt food, medication, education, agriculture and shared transportation from burdensome taxes and free businesses from multiple taxes.”
He added that a recent evidence has shown the drastic economic measures his administration undertook were necessary to revitalise the economy as investors have since been reaffirming their confidence in the economy as the fruits of the reforms become manifest with robust macro-economic indicators, and that the GDP is growing as inflation is tumbling down and improvement is being witnessed in fiscal deficit.
“As recent evidence has shown, the drastic economic measures our administration undertook were necessary to revitalise the economy. Investors have since been reaffirming their confidence in the economy as the fruits of our reforms become manifest with robust macro-economic indicators. Our GDP is growing, inflation is tumbling down and improvement is being witnessed in fiscal deficit.
“Companies which were hitherto posting losses have returned to profitability with improved capacity utilization and investment levels have gone up,” he said.
