Otedola lauds Tinubu’s tax reform, pledges increased investment in Nigeria
Femi Otedola
Abdullateef Fowewe
Prominent Nigerian business leader Femi Otedola has publicly commended President Bola Tinubu for signing new tax reform bills into law, describing the move as a crucial step toward economic transparency and growth.
In a post shared on X (formerly Twitter), Otedola wrote, “As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR. The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy.”
Otedola emphasised the broader impact of the reforms, saying, “These reforms will reduce complexity, promote fairness, and restore confidence in how revenues are collected and used. It’s not just about paying taxes. It’s about building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth.”
He further noted the positive effect on investor sentiment, stating, “This is how we build a stronger private sector and a more prosperous Nigeria. Kudos to everyone who contributed to this landmark achievement for Nigeria. I am inspired to invest more, and many other investors share the same sentiment.”
Otedola concluded his message with a patriotic note, writing, God bless Nigeria”
The business mogul’s endorsement is expected to boost confidence among both local and foreign investors as Nigeria continues its push for economic revitalisation.
President Bola Tinubu, on Thursday, gave presidential assent to four critical tax reform bills—the Nigeria Tax Bill, the Nigerian Tax Administration Bill, the National Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, Dailyeconomy reports.
These laws are set to unify and simplify Nigeria’s complex tax system by consolidating fragmented tax laws, reducing multiple and redundant taxes, and establishing a cohesive legal framework for tax administration nationwide.
Key features include exemption from income tax for individuals earning less than ₦1 million annually and a reduction in company income tax from 30% to 27.5% in 2025, then 25% thereafter.
