The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Youth Entrepreneurs has urged the Federal Government of Nigeria to channel revenue generated from the country’s newly introduced tax laws into nationwide infrastructure development that directly supports economic growth and small businesses.
Okay News reports that the appeal comes amid growing national debate over the Nigeria Tax Act and the Tax Administration Act, both scheduled to take effect on Thursday, 1 January 2026. Despite public concerns surrounding alleged alterations in the officially gazetted versions of the laws, the Federal Government has reaffirmed its decision to proceed with full implementation as planned.
Nigeria’s Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, recently held discussions with President Bola Ahmed Tinubu, Nigeria’s current Head of State and Government, in Lagos, Nigeria’s commercial capital. Following the meeting, Oyedele explained that the tax reforms were structured to reduce pressure on citizens rather than to raise immediate revenue for the government.
Speaking at the Ondo City Entrepreneurs’ Dinner organised by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Youth Entrepreneurs in collaboration with the Ondo Kingdom Chambers of Commerce, Industry, Mines and Agriculture, the President of the association in Ondo State, Pastor Henry Adesaoye, described the tax reforms as a positive step toward stabilising Nigeria’s economy.
He stated that the new tax framework was carefully developed to reduce financial strain on everyday Nigerians, with a particular focus on micro, small, and medium-sized enterprises that form the backbone of the country’s informal sector.
According to Adesaoye, business owners operating outside the formal economy stand to gain significantly from a system that reduces multiple and unnecessary taxes while promoting fairness and economic inclusion.
“The reform aims to ensure that low- and middle-income earners pay less, while high-income earners contribute a fairer share.
“But the government must give every citizen hope and earn trust by investing tax revenue in infrastructure that will make life meaningful and improve the economy. The new policy will help small businesses and encourage transparency and accountability in the system, which is good for the economy.
“Contrary to its critics’ baseless assumptions, the new tax law will protect small businesses and ensure that the rich fulfil their obligations to society. It will block leakages and expand the tax net,” he said.
Adesaoye further explained that the entrepreneurs’ dinner was designed to bring young business owners together to exchange ideas, share experiences, and encourage resilience among emerging entrepreneurs.
“The meeting is to ensure that we encourage young entrepreneurs, letting them know that whatever they are doing, there is always a starting point, irrespective of their challenges. It is also to share ideas to help new entrepreneurs; experience-sharing is very good for business growth.
“Again, young entrepreneurs must develop very good relationships with consumers. A young entrepreneur must know his or her area of competitiveness and must be trusted to succeed in business,” he stated.
He reaffirmed the association’s long-term commitment to supporting local enterprises and strengthening economic development across Ondo State, southwestern Nigeria.
“We are focused on supporting local businesses in areas such as high agent fees and general economic development within the state, bridging local needs with national strategies for a tech-driven economy.”
Also speaking at the event, the Coordinator of the Ondo Kingdom Chambers of Commerce, Industry, Mines and Agriculture, Mr Sam Adegbola, said the gathering was organised to help young entrepreneurs and established business owners jointly examine opportunities and challenges affecting business growth within Ondo Kingdom.
Adegbola disclosed that the chamber was preparing a large-scale business summit scheduled for July 2026, aimed at linking young people to emerging economic opportunities in the region.
“Now we have a good number of entrepreneurs who are successful in their businesses, but by next year, we are looking at having a larger community of entrepreneurs coming together under the umbrella of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Youth Entrepreneurs to connect and drive economic development in Ondo.
“Again, we have a farm set up purposefully for training Ondo youths who are willing to learn crop or animal farming for free. It is put together by the association. As of October 2025, about 65 beneficiaries have been produced, and we hope to increase the number in 2026.”
