Bunna Okey
Kaduna-based philanthropist and national advocate, Ambassador Yerima Usman Shettima, has commended President Bola Ahmed Tinubu for signing into law the much-anticipated tax reform bill, describing it as a major policy breakthrough that will uplift small businesses and stimulate inclusive growth across the country.
In a statement released to the press on Monday in Kaduna, Shettima hailed the law as a foundational shift in Nigeria’s economic structure—one that simplifies tax administration, broadens the revenue base, and fosters a more attractive investment environment for both Nigerians and foreign investors.
“There is no doubt that the new law has laid a solid foundation to boost Nigeria’s economy by simplifying tax processes, expanding the tax base, and creating a more business-friendly environment for Nigerians and foreigners,” Shettima said.
He emphasized the need for transparency and diligence in the implementation of the reform, urging all stakeholders—particularly the Federal Inland Revenue Service (FIRS)—to ensure the new law serves the interests of the wider public.
Highlighting the practical benefits of the legislation, Shettima noted that the reforms are expected to provide relief for small and medium enterprises (SMEs), improve revenue generation, and enhance overall economic activity.
“The reform will support small businesses, increase revenue generation, simplify tax payments, and ultimately improve the socio-economic condition of the country,” he explained.
The philanthropist also drew attention to the law’s focus on fair and equitable VAT revenue distribution, a provision he described as a critical component in enabling states to develop independently and fund local projects.
“This law aims to overhaul the country’s tax collection and administration systems, presenting an opportunity to create a more equitable and efficient taxation model. At the heart of the bill are transformative provisions, such as revisions to the Value Added Tax (VAT) revenue-sharing formula and exemptions for small businesses and the average Nigerian,” he noted.
Shettima acknowledged that while the reforms offer new opportunities, they also expose longstanding structural weaknesses within Nigeria’s federal framework—especially in terms of regional economic disparities between states and local governments.
In concluding his remarks, Shettima praised President Tinubu for demonstrating the political courage needed to usher in economic reforms, calling on citizens and institutions alike to play their part in ensuring the success of the initiative.
“With the enactment of these transformative tax laws, President Tinubu has once again demonstrated bold leadership and the political will to drive meaningful reforms that promote economic inclusion, reduce inequality, and spur growth,” he said.
“President Tinubu has delivered the blueprint; now it is time for all stakeholders to ensure it works for the Nigerian people.”