The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has urged President Bola Tinubu’s administration to adopt significant tax reforms, including reducing corporate taxes to 19% and maintaining Value Added Tax (VAT) at 7.5%.
In a statement signed by NACCIMA’s National President, Dele Kelvin Oye, the association argued that these measures would stimulate economic growth and boost government revenue.
“We believe corporate taxes should be further reduced to 19% and VAT pegged at 7.5%. 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.
NACCIMA criticized the current Tax Reforms bills before the National Assembly, which propose a progressive VAT increase from 10% in 2025 to 15% by 2030, warning that such measures could stifle growth.
The association also highlighted the ongoing public disputes between federal and state governments over revenue sharing, describing them as counterproductive and disconnected from taxpayer interests.
“The current media engagement between federal and state governments through newspapers and press releases further confirms the disconnect. These parties focus on securing larger shares of taxpayer funds without consideration for public interest,” Oye said.
NACCIMA emphasized the need for targeted reforms in high-revenue sectors such as telecommunications, as well as more inclusive engagement with private sector stakeholders, including aviation, manufacturers, and operators in Free Trade Zones.
“There must be real dialogue with genuine concessions from all parties,” the statement read. “Committees that lecture taxpayers are not yielding positive outcomes. Stakeholder engagement outcomes should be forwarded to the National Assembly through the Attorney General’s office as directed by Mr. President.”
The association reiterated the importance of structured dialogue and actionable reforms to foster economic growth and enhance tax revenue sustainability.
