Ladi Johnson
Kaduna-based philanthropist and rights advocate, Ambassador Yerima Usman Shettima, has lauded President Bola Ahmed Tinubu for signing into law the much-anticipated tax reform bill, describing it as a game-changing step toward unlocking Nigeria’s economic potential and empowering states to function more independently.
In a statement made available to journalists on Monday in Kaduna, Ambassador Shettima congratulated the President for his “bold and visionary” leadership, saying the new tax law would not only improve ease of doing business in Nigeria but also simplify the country’s taxation system in ways that would attract both local and foreign investment.
“There is no doubt that this new law has laid a solid foundation to boost Nigeria’s economy by simplifying tax processes, expanding the tax base, and creating a more business-friendly environment for Nigerians and foreigners alike,” Shettima stated.
The tax reform bill, recently signed into law by President Tinubu, introduces a sweeping overhaul of the tax administration and collection system, including key provisions that directly benefit small businesses, revise the Value Added Tax (VAT) revenue-sharing formula, and promote equitable economic development across Nigeria’s federating units.
Shettima emphasized that small businesses—which constitute the backbone of the Nigerian economy—stand to benefit significantly from the reform through reduced compliance burdens and clearer tax expectations.
“The reform will support small businesses, increase revenue generation, simplify tax payments, and ultimately improve the socio-economic condition of the country,” he said.
The philanthropist particularly praised the provision that ensures a fair and equitable distribution of VAT revenues, noting that it will allow states to fund more local infrastructure and developmental projects without over-relying on federal allocations.
“This law aims to overhaul the country’s tax collection and administration systems, presenting an opportunity to create a more equitable and efficient taxation model. At the heart of the bill are transformative provisions such as revisions to the VAT revenue-sharing formula and exemptions for small businesses and the average Nigerian,” he noted.
However, Shettima also called for diligence and transparency in the implementation of the law, urging agencies like the Federal Inland Revenue Service (FIRS) to act responsibly and in the national interest.
“The success of this reform depends not only on its passage but also on its execution. I urge all stakeholders, especially the FIRS and other tax authorities, to ensure proper implementation. This is a defining moment for our country.”
He further commended President Tinubu for showing “bold leadership and political will,” adding that the law has the potential to promote economic inclusion, reduce inequality, and stimulate long-term national growth.
“With the enactment of these transformative tax laws, President Tinubu has once again demonstrated bold leadership and the political will to drive meaningful reforms that promote economic inclusion, reduce inequality, and spur growth,” Shettima remarked.
He concluded by calling on Nigerians to unite in support of the law, describing it as a national turning point.
“President Tinubu has delivered the blueprint; now it is time for all stakeholders to ensure it works for the Nigerian people,” Shettima said.
Middle-Belt Times 