New Tax Reforms Set to Strengthen Small Businesses — NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Youth Entrepreneurs (NACCIMA-YE) has expressed confidence that the newly introduced tax laws will stimulate growth among small businesses, while urging the Federal Government to channel proceeds from the reforms into nationwide infrastructure development.

According to report, the Federal Government has reaffirmed its plan to implement the Nigeria Tax Act and the Tax Administration Act from January 1, 2026, despite controversies surrounding alleged changes in the gazetted versions of the laws. The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, after meeting with President Bola Tinubu in Lagos, stated that the reforms are aimed at easing the burden on Nigerians rather than raising quick revenue.

Speaking at the Ondo City Entrepreneurs’ Dinner organised by NACCIMA Youth Entrepreneurs in collaboration with the Ondo Kingdom Chamber of Commerce, Industry, Mines and Agriculture, the Ondo State President of NACCIMA, Pastor Henry Adesaoye, said the Tinubu administration’s tax reforms would have a positive impact on the economy.

He explained that the new tax framework is designed to reduce financial pressure on individuals and businesses, particularly small and informal sector operators who form the backbone of the economy. According to him, the reforms promote fairness by ensuring low- and middle-income earners pay less, while high-income earners contribute more equitably.

Adesaoye stressed that public trust would only be sustained if tax revenues are visibly invested in infrastructure that improves living standards and supports economic growth. He added that the reforms would enhance transparency, block revenue leakages, expand the tax net, and protect small businesses.

He noted that the dinner was organised to inspire young entrepreneurs, encourage experience-sharing, and promote best practices for business growth. He also advised young business owners to build strong customer relationships, identify their competitive strengths, and maintain trust.

Reaffirming NACCIMA’s commitment to local economic development, Adesaoye said the association would continue engaging businesses on key issues, including high agent fees and strategies to align local enterprises with national, tech-driven economic goals.

In his remarks, the Coordinator of the Ondo Kingdom Chamber of Commerce, Industry, Mines and Agriculture, Mr Sam Adegbola, said the event was aimed at fostering collaboration among entrepreneurs to address challenges and explore opportunities for business growth in Ondo Kingdom.

He disclosed plans to organise a business summit for young entrepreneurs in July 2026 to connect youths with emerging economic opportunities in the area. Adegbola also revealed that the association operates a free agricultural training farm for Ondo youths, noting that about 65 beneficiaries had been trained as of October 2025, with plans to expand the programme in 2026.