Kaduna Philanthropist Hails Tinubu On Tax Law, Says Reform Will Boost Small Businesses

Kaduna based philanthropist, Ambassador Yerima Usman Shettima, has congratulated President Bola Ahmed Tinubu on his bold steps towards reforming the nation's economy and signing the tax reform bill into law, saying that it will benefit Nigerians, and also encouraged foreigners to invest in the country.

There 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 stated this in a statement issued and  made available to newsmen on Monday in Kaduna, where he equally called on all the stakeholders, including the Federal Inland Revenue Service (FIRS) , to ensure proper and transparency in the implementation of the new law in the interest of all.

Highlighting the benefits of the new tax reform law, he said that the reform will support small businesses, increased revenue generation, and simplified tax payments and the socio-economic situation of the country.

This is just as the philantropist added that it is particularly significant that the law are focused on fair and equitable distribution of VAT revenue, enabling states to fund more projects independently.

"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 Nigerians. 

"While these changes could potentially revitalize Nigeria’s economy, they also expose critical issues within the country’s federal structure, particularly the economic imbalances among regions (States and Local Governments)," Shettima explained.

While applauding the President in the statement, he further explained that: “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".

Ambassador Shettima therefore urged Nigerians to support the actualization of the law, adding that it is a defining moment. President Tinubu has delivered the blueprint; now it is time for all stakeholders to ensure it works for the Nigerian people.”