The federal government has suspended the issuance of guidelines for implementing Nigeria’s new tax laws, citing uncertainty over the final versions, Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, has revealed, according to dailytrust report.
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Speaking in Lagos during the 2026 Economic Outlook organised by the Institute of Chartered Accountants of Nigeria (ICAN), Oyedele explained that the National Revenue Service (NRS) and the Joint Revenue Board (JRB) were instructed to pause implementation guidance until official copies of the laws are confirmed.
“The National Assembly has taken custody of all printed copies of the tax laws and directed that they should not be sold or made available to the public until their review is complete,” Oyedele said. He added that while legislative review is normal, the restriction has reintroduced uncertainty into the tax reform process.
The new laws — the National Revenue Service (Establishment) Act, the Joint Revenue Board of Nigeria (Establishment) Act, the Nigeria Tax Administration Act, and the Nigeria Tax Act — which took effect on January 1, 2026, had drawn criticism over discrepancies between the gazetted versions and those passed by the National Assembly. Oyedele, however, downplayed the impact of any changes, saying they do not affect core provisions such as tax rates, filing deadlines, or overall tax burden.
The chairman highlighted the dangers of misinformation, noting that fake news contributed to a one-day loss of N4.6 trillion in the Nigerian stock market in November 2025. He accused some groups of being paid to stage protests against the reforms.
Speaking on accountability, Oyedele described it as “a bridge between reform and results,” urging Nigerians to build trust, seek knowledge, and demand transparency to ensure successful policy implementation.
Experts at the ICAN event emphasized coordinated inter-agency engagement and the use of technology to ensure the effective implementation of the reforms. Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, stressed the importance of a centralised monitoring system, while Segun Ajayi-Kadir of the Manufacturers Association of Nigeria urged policies that foster inclusive growth without compromising competitiveness.
Mohammed Hayatudeen, session chairman, noted that although the economy showed signs of stabilisation in 2025 — with moderated inflation, a stable exchange rate, stronger external revenue, and a Purchasing Managers’ Index (PMI) of 57.6 indicating expansion — poverty remains high. He called for proper implementation of the tax laws to translate reform ambition into tangible outcomes.
ICAN President Mallam Haruna Nma Yahaya highlighted the role of accountability in sustaining economic growth and development. He pointed out that while Nigeria’s economy demonstrated real GDP growth above 4 per cent in Q2 2025, inflation eased to the mid-14 percent range, and foreign exchange reserves strengthened, progress remains fragile without strong institutions, discipline, and transparent governance.
Yahaya stressed that accountability is not only a governance ideal but an economic imperative, noting that countries with strong institutions and transparent systems outperform those with weak governance. He called on professionals and stakeholders to propose practical solutions to strengthen institutions and improve governance outcomes, expressing optimism that ICAN’s impact in the coming years would surpass its achievements over the past six decades.
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