The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has called on President Bola Tinubu’s government to reform the tax system by reducing corporate tax to 19 per cent while leaving Value Added Tax (VAT) at 7.5 per cent.
The recommendation was made in a statement signed by NACCIMA’s national chairman, Dele Kelvin Oye. He argued that such measures would stimulate economic growth and improve government revenue.
“Corporate taxes should be further reduced to 19 per cent and VAT pegged at 7.5 per cent. We believe this will grow the economy and result in higher tax revenues for the government. As a caveat to protect government revenues, each taxpayer must not pay less than the preceding tax year,” Oye stated.
The call comes as the National Assembly considers Tax Reform Bills that propose a progressive VAT increase from 10 per cent in 2025 to 12.5 per cent (2026–2029) and 15% from 2030.
However, NACCIMA believes that these increases could slow economic growth. Oye also criticized the continued public disagreements between the federal and state governments over revenue sharing, describing this approach as ignoring the interests of taxpayers.
“The current media engagement between the federal and state governments in newspapers and press releases only reinforces the disconnect described above,” he said.
“The beneficiary parties receiving taxpayer funds engage each other on how to secure a larger portion of taxpayer funds without consideration for the public or taxpayer interest.”
Highlighting the telecommunications sector, which contributes significantly to government revenue, Oye called for targeted reforms and meaningful dialogue with private sector stakeholders, including aviation, manufacturing, and Free Trade Zones.
“Significant taxpayers like the telecommunications sector, which require reforms that will result in increased tax revenues, should not be ignored,” he said.
“There must be real dialogue with genuine concessions to be made by all parties. Committees that come to lecture taxpayers are not giving positive outcomes.”
Oye further recommended that outcomes from such engagements be submitted to the National Assembly via the Attorney General’s office for better coordination.
