<\/p>\n
By Our Correspondent<\/p>\n
In a bid to strenghten the nation’s economy and give SME’s space to grow, the Federal Government has unveiled a tax reform package aimed at simplifying compliance, reducing the burden on small businesses, low-income earners, and strengthening Nigeria\u2019s revenue system.<\/p>\n
This was the basis of the senstization forum titled, “Tax reforms and compliance: Impact on Small and Medium enterprises in the South east held at the International Conference Centre, Enugu .<\/p>\n
Making this disclosure to\u00a0 participants at the weekend,Senior Special Assistant to the President on Community Engagement, Southeast, Bar. Mrs Chioma Nweze said that President Bola Ahmed Tinubu\u2019s administration is determined to make taxation fairer and more beneficial to ordinary Nigerians.<\/p>\n
\u201cOur women, especially market women, must understand why government collects tax, what government does with it, and how they should pay without exploitation.<\/p>\n
\u201cThe president has removed fuel subsidy, unified the exchange rate, and increased allocations to states. These reforms will ensure more projects are delivered to benefit citizens,” she said.<\/p>\n
Nweze emphasized that sensitizing women was deliberate, recalling that historical revolts such as the Aba Women\u2019s Riot of 1929 were caused by unfair taxation.<\/p>\n
\u201cWhen women are informed, they carry the message to their families and communities. We don\u2019t want exploitative practices to return; instead, women should be empowered to benefit from government initiatives,\u201d she said.<\/p>\n
Chairman of the Tax Appeal Tribunal, Southeast Zone, Bar. Chukwuemeka Eze explained that four new tax acts signed into law on June 26, 2025, now consolidate more than 20 scattered tax laws.<\/p>\n
Eze noted that businesses with an annual turnover below N50 million are exempted from Companies Income Tax and Value Added Tax, while minimum wage earners will no longer pay personal income tax.<\/p>\n
\u201cThis is progressive taxation. The rich will now pay more within their means, while the poor will be protected. The days when wealthy individuals paid little tax are gone,\u201d Eze stressed.<\/p>\n
He added that the reforms also introduced a Tax Dispute Resolution Mechanism that allows citizens to lodge complaints free of charge, with resolutions provided within 7\u201314 days.<\/p>\n
Tax professional and Chartered Accountant, Mr. Innocent Chinyere Ohagwa, said the reforms were necessary to strengthen Nigeria\u2019s fiscal base, describing SMEs as the \u201clifeblood\u201d of the economy.<\/p>\n
\u201cSMEs account for more than 90% of businesses and nearly 60% of jobs in Nigeria. By removing multiple taxation and unfair levies, government is giving them space to grow, create wealth, and support economic diversification,” he said.<\/p>\n
Dr. Zino Ugboma, representing the Nigerian Education Loan Fund (NELFUND), highlighted how tax revenues are being used to expand access to education.<\/p>\n
He explained that undergraduates in universities, polytechnics, and colleges of education can now access tuition and living-cost loans, repayable only after gaining employment, two years post-NYSC.<\/p>\n
\u201cThis is a direct way of showing that taxation is not just about collection, but also about giving back to the people,\u201d Ugboma said.<\/p>\n
The forum, which drew officials of the Federal Inland Revenue Service (FIRS), women leaders, professionals, and community stakeholders, ended with a call for stronger collaboration to ensure the success of the reforms.<\/p>\n
Participants, including Mrs. Nnenna Otuonye, commended President Tinubu for pushing a fairer system and urged Southeast residents to embrace compliance for economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent In a bid to strenghten the nation’s economy and give SME’s space to grow, the Federal Government has unveiled a tax reform package aimed at simplifying compliance, reducing the burden on small businesses, low-income earners, and strengthening Nigeria\u2019s revenue system. This was the basis of the senstization forum titled, “Tax reforms […]<\/p>\n","protected":false},"author":2,"featured_media":1486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[997,1817,4099,537,4100,4098],"class_list":["post-6424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-collaboration","tag-compliance","tag-package","tag-reform","tag-simplifying","tag-unveiled"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/6424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=6424"}],"version-history":[{"count":2,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/6424\/revisions"}],"predecessor-version":[{"id":6426,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/6424\/revisions\/6426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/1486"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=6424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=6424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=6424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}