Leadnaija
Following the Federal Government enacting to law four landmark tax reform bills yesterday, the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, the Lagos Chamber of Commerce and Industry (LCCI) has projected that its full implementation will see an astronomical increase in non-oil tax revenues by ₦3.2 trillion over the next two years, pushing the tax-to-GDP ratio towards 12 per cent by 2027.
In addition, the LCCI stated that the four reform law marked a significant milestone in Nigeria’s journey toward a more transparent, efficient, and growth-aligned fiscal framework.
The Director-General of LCCI, Dr. Chinyere Almona, who spoke to told Saturday Telegraph yesterday in Lagos, commended the Federal Government for the passage of the four reform bills into law, saying that from a macroeconomic perspective, the reforms are expected to impact four major areas: inflation, trade competitiveness, tax compliance, and investor confidence.
She explained that unifying Nigeria’s complex and fragmented tax laws and the digital and institutional upgrades in the bills give the private sector a better platform to grow and compete.
Almona said: “The potential impact of inflation is twofold. In the short term, as businesses re-price, the broader tax net and initial compliance adjustments may trigger a slight increase in core inflation, estimated between 40–60 basis points. “However, in the medium term, the reduction of tax inefficiencies and a shift from monetary financing to sustainable revenue should help ease price pressures. “The government’s fiscal projections anticipate headline inflation falling to 15 per cent by end-2026, compared to 27.6 per cent in May 2025.”
The LCCI DG added, “With essential goods and services now exempt from VAT, we expect this move to ease the cost of living for millions of Nigerians. “The tax laws will also significantly improve Nigeria’s trade competitiveness.
“With the introduction of a unified filing system and streamlining state and federal tax processes, businesses could see compliance time fall by up to 40 per cent, effectively reducing transaction costs and supporting Nigeria’s export competitiveness under the African Continental Free Trade Area (AfCFTA). “A better streamlined tax system is a factor in attracting foreign direct investment (FDI).”
