03, January 2025
Former Labour Party presidential candidate Peter Obi has criticized Nigeria’s tax laws, warning that prosperity cannot be achieved by placing heavier burdens on poor citizens.
Obi made this known in a post on X, where he questioned the government’s approach to taxation and called for transparency, fairness, and people-centred fiscal policies.
Obi argued that Nigerians are being asked to pay taxes without adequate explanation or visible benefits, undermining economic growth and national unity.
He emphasized the importance of transparency and truthfulness in governance, stating that citizens deserve nothing less from their leaders.
Obi called for a fair, lawful, and people-centred tax system that supports enterprise, protects the vulnerable, and restores public trust.
He emphasized the importance of empowering small and medium-sized enterprises, noting that economic growth is driven by production rather than excessive taxation.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has sought to clarify misconceptions surrounding the new tax laws, stating that the reforms will not involve automatic debits from personal bank accounts.
President Bola Tinubu has reaffirmed that the implementation of the new tax laws will proceed as scheduled, despite criticisms from opposition figures and labour unions.
The tax reforms aim to simplify Nigeria’s tax system, broaden the tax base, and protect low-income earners and small businesses.
Small businesses with a turnover of less than ₦100 million are exempt from company income tax, value-added tax, and the newly introduced development levy.
Higher earners will be taxed at progressive rates capped at 25%.
