By Chidi Okonjo – Business Correspondent
The Abuja Chamber of Commerce and Industry (ACCI) has thrown its weight behind President Bola Tinubu’s recent assent to four crucial tax reform bills, describing the move as a strategic milestone for Nigeria’s economic development.
In a statement signed by its President, Emeka Obegolu, the Chamber hailed the newly signed laws as pivotal for improving the business climate, boosting investor confidence, and laying the groundwork for a fairer and more efficient tax regime.
The reforms—comprising the Nigeria Tax Bill (Ease of Doing Business), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill—seek to harmonise the nation’s fragmented tax system, reduce administrative bottlenecks, and eliminate the burden of multiple taxation.
“This is a long-overdue step that will ease the pressure on businesses, particularly small and medium enterprises, and inspire growth across sectors,” said Obegolu.
Of particular note is the increase in the Company Income Tax (CIT) exemption threshold from ₦25 million to ₦50 million in annual turnover—a shift ACCI welcomed as a strong signal of support for Nigeria’s small business ecosystem. The planned reduction in corporate tax rates for larger companies was also met with approval.
However, the Chamber urged caution and clarity on some provisions affecting professional service providers, calling on authorities to ensure fair and transparent implementation to avoid unintended negative impacts.
ACCI also applauded the retention of the 7.5% Value Added Tax (VAT) rate, as well as the continued exemptions for essential goods and services—measures it says will shield vulnerable populations and support economic resilience.
“As a champion of private sector development, ACCI remains committed to partnering with government through constructive dialogue and technical support,” the statement read. “We’ll keep advocating for inclusive policies that drive entrepreneurship and strengthen the backbone of Nigeria’s economy—its SMEs.”