New tax law will ease burden on SMEs, spur growth if revenues fund infrastructure – NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Youth Entrepreneurs has urged the Federal Government to channel proceeds from the newly enacted tax laws into critical infrastructure, saying such investments would unlock growth for small and medium-sized businesses across the country.

The appeal comes as the Federal Government insists on implementing the Nigeria Tax Act and the Tax Administration Act from January 1, 2026, despite lingering controversy over alleged alterations in the gazetted versions of the laws.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who recently met with President Bola Tinubu in Lagos, has maintained that the reforms are intended to ease the financial burden on Nigerians rather than serve as immediate revenue-raising measures.

Speaking at the Ondo City Entrepreneurs’ Dinner organised by NACCIMA Youth Entrepreneurs in collaboration with the Ondo Kingdom Chambers of Commerce, Industry, Mines and Agriculture on Friday, the Ondo State President of NACCIMA, Pastor Henry Adesaoye, said the new tax framework would strengthen the economy by protecting small businesses and promoting fairness.

Adesaoye explained that the reforms were designed to reduce pressure on ordinary citizens and enterprises, particularly small businesses operating in the informal sector, which he described as the backbone of Nigeria’s economy.

“The reform aims to ensure that low- and middle-income earners pay less, while high-income earners contribute a fairer share,” he said.

“But government must inspire confidence by investing tax revenues in infrastructure that makes life meaningful and supports economic growth. If properly implemented, the new policy will help small businesses, promote transparency and strengthen accountability in the system.”

Dismissing criticisms of the reforms, Adesaoye said the new tax law would shield small enterprises while compelling wealthy individuals and large corporations to meet their social obligations.

“Contrary to baseless assumptions, the law will protect small businesses, block leakages and expand the tax net, ensuring that the rich fulfil their responsibilities to society,” he added.

He said the dinner was organised to engage young entrepreneurs, encourage experience-sharing and equip them with practical insights to grow their businesses.

“The essence of this meeting is to let young entrepreneurs know that every successful business has a starting point, regardless of challenges. Sharing experiences is critical to business growth,” Adesaoye said, adding that building trust with consumers and identifying areas of competitiveness were essential for success.

He also reaffirmed NACCIMA’s commitment to supporting local businesses and aligning grassroots economic needs with national development strategies, particularly in areas such as technology-driven growth and reducing high agent fees.

In his remarks, the Coordinator of the Ondo Kingdom Chambers of Commerce, Industry, Mines and Agriculture, Mr Sam Adegbola, said the event was aimed at fostering dialogue among entrepreneurs on business opportunities and challenges within Ondo Kingdom.

Adegbola disclosed that the association was planning a business summit for young entrepreneurs in July 2026 to connect youths with emerging economic opportunities in the area.

“By next year, we hope to build a larger, more cohesive community of entrepreneurs under the NACCIMA Youth Entrepreneurs platform to drive economic development in Ondo,” he said.

He also revealed that the association had established a farm to train Ondo youths in crop and animal farming at no cost.

“As of October 2025, about 65 beneficiaries have completed the programme, and we plan to expand the initiative significantly in 2026,” Adegbola added.