The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) today praised the new tax reforms. These changes will help small businesses grow and thrive in Nigeria.
The Nigeria Tax Act and Tax Administration Act take effect on January 1, 2026. President Bola Tinubu signed these laws to make taxes fairer and simpler. They reduce multiple taxes that burden small firms. The reforms also widen the tax base without hurting business growth.
NACCIMA leaders say small businesses form the heart of Nigeria's economy. Pastor Henry Adesaoye, NACCIMA's Ondo State President, stated, "The tax reforms under President Bola Tinubu’s administration ease financial burdens on businesses. They especially help small and informal enterprises."
Key benefits include exemptions for small companies. Firms with annual turnover of 100 million naira or less and fixed assets up to 250 million naira skip Companies Income Tax, Capital Gains Tax, and the new Development Levy. This lets owners reinvest profits and create jobs.
The laws simplify tax rules too. Businesses now face less paperwork and clearer guidelines. NACCIMA's youth entrepreneurs group calls on the government to use tax money wisely. They want investments in roads, power, and other infrastructure to build trust and support growth.
These reforms aim to drive economic progress. They improve the business environment and boost revenue for the nation. NACCIMA believes proper use of funds will strengthen small businesses and lift the economy.