As Nigerians look forward to the implementation of the new tax regime, the Chartered Institute of Directors (CIoD) Nigeria has urged the Federal Government to ensure every tax collected is demonstrably tied to improved infrastructure, such as security, better roads, quality healthcare and education.
Stating that the optimisation of Nigeria’s tax reform was a collective national project, the institute said it presented a clear opportunity to diversify the country’s revenue sources, achieve fiscal sovereignty and create a truly competitive business environment.
President/Chairman Governing Council, CIoD, Adetunji Oyebanji, said this during a tax symposium organised by the institute’s Professional Service
Group, where he expressed the institute’s commitment to a foundation of a resilient and prosperous economy.
According to him, the reforms are deliberately progressive, seeking to tax the “fruits, not the seeds”, protecting the most vulnerable people while ensuring that everyone who benefits from the Nigerian economy contributes their fair share.
The CIoD boss called for pragmatic, measurable and implementable solutions that could quickly translate policy into tangible economic benefits.
He said the reform, aimed at streamlining levies, simplifying compliance and leveraging technology, must move beyond legislative intent and achieve verifiable implementation and positive economic impact.
Oyebanji stressed that the need for a simplified and effective tax system has become increasingly urgent amid concerns about low revenue, a cumbersome tax structure and economic bottlenecks.
He expressed the institute’s commitment to shift the foundational pillars of the economy from dependence on volatile commodity prices to reliance on broad, predictable and fair non-oil revenue.
To achieve this, the CIoD chief said the country must first address multi-layered challenges, poor technological infrastructure and data utilisation.
According to him, the promise of reform must be met with an “ironclad commitment” to transparency and accountability.
He added: “Consolidation of multiple tax laws into a more cohesive and simplified framework, the establishment of clear jurisdictional boundaries between federal, state, and local governments and the introduction of a robust tax ombudsman mechanism are essential components for our governance overhaul.”
Dean of the College of Art, Social and Management Sciences, Caleb University, Prof. Olateju Somorin, recalled 1957 event when the country’s first tax reform took place, with a focus on fiscal issues and jurisdictions.
Comparing the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms and what it was before now, she said the new system has a dual feature – tax and fiscal reform.
The current reform would unify revenue collection, spur growth, attract investment and make tax equitable and fair, he said.
As Nigeria embarks on a new tax regime come January 1, 2026, the don called on critical stakeholders to join in the transformation and build up a tax system that will work for everyone.
