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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the enactment of the Nigeria Tax Act, 2025, describing it as a major milestone in the country’s quest to strengthen revenue mobilization, enhance fiscal efficiency and promote long-term economic sustainability.

The endorsement was made by the National President of NACCIMA, Engr. (Dr.) Jani Ibrahim, during the National Stakeholders Discourse on Enhancing Fiscal Efficiency and Revenue Growth under the Nigeria Tax Act, 2025, which took place at the Continental Hotel in Abuja.

The high-level engagement brought together key stakeholders in the fiscal and economic management space to examine the scope, objectives and implementation framework of the newly enacted legislation.

Speaking at the forum, Ibrahim lauded the Revenue Mobilisation Allocation and Fiscal Commission for convening the discourse, noting that sustained dialogue among government institutions, the private sector and other stakeholders is critical to the success of fiscal reforms.

He emphasized that a modern, efficient and equitable tax system remains a cornerstone for economic growth, national development and investor confidence.

According to him, the Nigeria Tax Act, 2025 represents a deliberate effort to address longstanding challenges within the tax system by creating a more coherent, transparent and business-friendly framework.

He noted that one of the major strengths of the Act lies in its simplification and codification of existing tax laws into a single, unified legislation, a move expected to reduce ambiguity, eliminate overlaps and improve overall compliance.

Ibrahim further highlighted that the Act prioritizes tax equity and efficiency by enhancing revenue generation while simplifying compliance procedures for taxpayers.

He explained that these provisions are designed to widen the tax net without placing undue pressure on compliant businesses, particularly those operating within productive sectors of the economy.

The NACCIMA president also drew attention to the digitalization measures embedded in the Act, including the mandatory adoption of electronic invoicing and digital tax filing. He noted that these reforms are expected to improve transparency, reduce leakages, enhance data accuracy and align Nigeria’s tax administration with global best practices.

On value added tax, Ibrahim observed that the Act retains the VAT rate at 7.5 percent while expanding the list of zero-rated goods. He described this approach as a balanced measure that seeks to protect consumers and critical sectors of the economy while maintaining a stable revenue stream for government.

Reaffirming the position of the organized private sector, NACCIMA expressed its readiness to collaborate closely with the Revenue Mobilisation Allocation and Fiscal Commission and other relevant fiscal institutions to support the effective implementation of the reforms. Ibrahim stressed that such collaboration would be vital to ensuring that Nigeria achieves its competitive revenue targets and investment objectives in a sustainable manner.

The stakeholders’ discourse, according to participants, was aimed at clarifying the implications of the Nigeria Tax Act, 2025, harmonizing the roles of institutions involved in fiscal governance, and charting a practical implementation pathway.

The overarching goal, the forum noted, is to enhance revenue efficiency while ensuring that productive sectors of the economy are not overburdened, thereby fostering inclusive growth and economic resilience.

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