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New tax law expected to ease pressure on small businesses and informal sector
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NACCIMA urges FG to invest tax proceeds in infrastructure development
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Nigeria Tax Act to take effect January 1, 2026, despite ongoing controversy
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed confidence that the newly enacted tax laws will strengthen small businesses and stimulate economic growth if revenues are transparently invested in infrastructure.
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The association, through its youth entrepreneurs’ arm, urged the Federal Government to channel proceeds from the Nigeria Tax Act and the Tax Administration Act into critical infrastructure to restore public trust and support business growth across the country.
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Speaking at the Ondo City Entrepreneurs’ Dinner organised by NACCIMA Youth Entrepreneurs and the Ondo Kingdom Chambers of Commerce, the Ondo State President of NACCIMA, Pastor Henry Adesaoye, said the tax reforms under President Bola Tinubu’s administration were designed to ease financial burdens on businesses, particularly small and informal enterprises.
Adesaoye noted that small businesses, which form the backbone of Nigeria’s economy, stand to gain from a tax system that reduces multiple taxation, promotes fairness, and widens the tax net without stifling growth.
