Billionaire businessman Femi Otedola has thrown his weight behind President Bola Tinubu’s sweeping tax reform agenda, expressing renewed confidence in Nigeria’s economic direction and revealing plans to scale up investments in the country.
The business mogul, via a statement on X (formerly Twitter), praised the newly signed tax reform laws as a game-changing step that will reshape the investment climate and restore confidence in Nigeria’s fiscal policy.
“I am inspired to invest more, and many other investors share the same sentiment,” Otedola declared.
Four Groundbreaking Tax Reform Laws
President Tinubu recently signed into law four pivotal bills aimed at restructuring Nigeria’s tax ecosystem, making it more efficient, transparent, and investor-friendly. The reforms include:
- Nigeria Tax Bill (Ease of Doing Business): Harmonizes existing tax statutes, simplifies compliance, and promotes fairness for businesses.
- Nigeria Tax Administration Bill: Standardizes tax administration processes across federal, state, and local levels for consistency and efficiency.
- Nigeria Revenue Service (Establishment) Bill: Replaces the Federal Inland Revenue Service with a more autonomous, performance-oriented national revenue agency.
- Joint Revenue Board (Establishment) Bill: Introduces a collaborative structure among revenue authorities and establishes strong oversight for better accountability.
A Win for Investors and the Economy
Otedola hailed the reform package as a “bold and necessary” move that will:
- Cut red tape and reduce tax complexity
- Foster trust in public resource management
- Attract both local and international capital
- Accelerate infrastructure development
- Drive inclusive and sustainable economic growth
He emphasized that the reforms send a strong signal to both domestic and foreign investors that Nigeria is serious about building a business-friendly environment.
Implementation Timeline and Outlook
The newly enacted tax laws will officially take effect on January 1, 2026, giving room for adjustments and phased implementation. Experts believe the long runway allows for smooth onboarding and robust stakeholder engagement.
With this reform, Nigeria is poised to strengthen revenue generation, boost investor confidence, and unlock its economic potential.
