Billionaire businessman and chairman of First HoldCo, Femi Otedola, says he is inspired to invest more with the new tax reform laws.
This was even as he described the new tax laws signed by President Bola Tinubu as a bold step towards more transparent and investment-friendly economy
In a post on his official X handle on Friday, Otedola, the reforms would reduce complexity, promote fairness, and restore confidence in how revenues are collected and used.
The billionaire businessman also applauded everyone who contributed to the achievement.
According to him, it was not just about paying taxes but building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth.
“As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR.
“The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy.
“This is how we build a stronger private sector and a more prosperous Nigeria. Kudos to everyone who contributed to this landmark achievement for Nigeria. I am inspired to invest more, and many other investors share the same sentiment,” he said.
Recall that President Tinubu on Thursday assented to the four tax reform bills recently passed by the National Assembly.
DAILY POST reports that the four bills, which included the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, were passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
The presidency said that the new tax laws would positively affect tax administration in the country, leading to increased revenue generation, an improved business environment, and a boost in domestic and foreign investments.
The Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji, while speaking with journalists, said the new tax regime would begin on January 1, 2026.
“It takes time for all the stakeholders, participants, operators, and the regulator to change the system. So, with the magnanimity of the National Assembly, Mr President assented to the bills.
“So, the effective date will be January 1, 2026. We have six full months for both sensitisation and planning,” he added.
Meanwhile, the new tax bills had sparked widespread controversy and criticisms from many in different quarters of the country, including some governors who believed that some states would not be able to pay staff salaries if some sections of the bills made it into law.
According to the Presidency and the National Assembly, stakeholders had been engaged across the country, and the fears of the governors had been allayed.
