The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has called on the administration of President Bola Tinubu to implement critical tax reforms to drive economic growth. The group is advocating for corporate taxes to be reduced to 19% and Value Added Tax (VAT) to remain at 7.5%.

In a statement by its National President, Dele Kelvin Oye, NACCIMA explained that lowering these taxes would help expand the economy while increasing government revenue. This proposal opposes the ongoing tax reform bills in the National Assembly, which aim to progressively raise VAT rates from 10% in 2025 to 15% by 2030.

Oye suggested a safeguard to protect government revenue, proposing that no taxpayer should pay less than they did in the previous year.

Oye criticized the lack of coordination between federal and state governments, which has led to public disputes over revenue sharing. These disagreements, often aired in the media, fail to address the interests of taxpayers and the general public.

NACCIMA also called for reforms in critical sectors such as telecommunications, aviation, and manufacturing. These industries, which contribute significantly to government revenue, have the potential for further growth if supported with targeted policies.

The association criticized the current method of handling tax reform discussions, which often excludes meaningful input from the private sector. Instead of committees that “lecture taxpayers,” NACCIMA recommended genuine dialogue and collaboration with stakeholders.

“Reforms must involve real discussions and mutual concessions between all parties,” Oye noted. He urged that the outcomes of such engagements be communicated to the National Assembly through the Attorney General’s office for proper implementation.

By prioritizing inclusive reforms and collaboration, NACCIMA believes Nigeria can achieve sustainable economic growth and improved revenue generation.