The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has urged the administration of President Bola Tinubu to prioritise tax reforms that stimulate economic growth and enhance government revenue.
Specifically, the association has called for a reduction of corporate taxes to 19% and the pegging of Value Added Tax (VAT) at 7.5%.
This recommendation was made in a statement signed by NACCIMA’s National President, Dele Kelvin Oye, and comes as the National Assembly reviews tax reform bills proposing a progressive increase in VAT rates.
The current bills suggest a rise from 10% in 2025 to 12.5% between 2026 and 2029, and 15% from 2030 onward.
According to NACCIMA, reducing corporate and value-added taxes will foster economic expansion and lead to increased government revenues.
“We believe corporate taxes should be further reduced to 19% and VAT pegged at 7.5%. 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,” the statement read.
The association also expressed concern over the ongoing revenue-sharing disputes between federal and state governments, describing them as detrimental to public interest.
Oye criticised the practice of airing disagreements in the media without addressing taxpayers’ concerns.
“The current media engagement between federal and state governments in newspaper and press releases only further confirms the disconnect described above,” Oye remarked. “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.”
NACCIMA also said there is a need for targeted reforms in key sectors and called for genuine dialogue with private sector stakeholders in aviation, telecommunications, manufacturers, and Free Trade Zone operators.
“Significant taxpayers like the telecommunications sector who require reforms, which will result in increased tax revenues, should not be ignored. There must be real dialogue with genuine concessions to be made by all parties. The private sector (aviation, telecommunications, manufacturers, Free Trade Zones, and other stakeholders) must be engaged in written communication. Committees that come to lecture taxpayers are not giving positive outcomes. For better coordination, the outcome of these engagements can be forwarded to the National Assembly through the office of the ATTORNEY GENERAL as directed by Mr. President,” the statement concluded.
