|By Adejumo Adekunle-
-Otedola Applauds Tinubu’s Tax Reform, Says It Will Spur Investments
–Billionaire Businessman Hails New Law as Transparent, Inclusive, and Growth-Oriented
Billionaire businessman and Chairman of First HoldCo, Femi Otedola, has thrown his weight behind the newly signed tax reform laws by President Bola Ahmed Tinubu, describing them as a bold and necessary leap toward creating a transparent and investment-friendly economy.
In a post shared via his official X handle on Friday, Otedola expressed renewed confidence in Nigeria’s economic trajectory, stating that the tax reform would reduce complexity, promote fairness, and restore investor trust in how revenues are collected and utilized.
“As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR,” he wrote.
“The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy.”
Otedola emphasized that beyond tax payments, the focus should be on creating a system where public revenue is deployed effectively to fund infrastructure, boost productivity, and drive inclusive growth.
“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,” he added.
“I am inspired to invest more, and many other investors share the same sentiment.”
His comments came a day after President Tinubu assented to four tax reform bills passed by the National Assembly. The newly signed laws include:
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Nigeria Tax Bill
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Nigeria Tax Administration Bill
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Nigeria Revenue Service (Establishment) Bill
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Joint Revenue Board (Establishment) Bill
The Presidency noted that the bills were the product of broad consultations with key stakeholders and interest groups, and were designed to modernize Nigeria’s tax framework and improve ease of doing business.
Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, confirmed that the new tax laws would take effect from January 1, 2026, allowing for a six-month window of public sensitization and planning.
“It takes time for all the stakeholders, participants, operators, and the regulator to change the system,” Adedeji explained.
“With the magnanimity of the National Assembly, Mr. President assented to the bills. So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning.”
Despite the praise, the tax reforms have sparked debates across political and economic circles, with some state governors raising concerns over certain provisions. They argue that fiscal strain may hinder their ability to meet basic obligations, such as salary payments.
The Presidency and the National Assembly have since assured the public that widespread consultations were held and that the fears raised by the governors have been adequately addressed.
