By Ibrahim Hassan-Wuyo

A Kaduna-based philanthropist, Ambassador Yerima Usman Shettima, has commended President Bola Ahmed Tinubu for signing the tax reform bill into law, describing the move as a bold and commendable step toward revitalizing Nigeria’s economy.

In a statement issued on Monday, Shettima said the new law would not only benefit Nigerians but also encourage foreign investment by simplifying tax procedures and creating a more business-friendly environment.

“There’s 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 conducive environment for both Nigerians and foreigners,” he stated.

Shettima urged key stakeholders, particularly the Federal Inland Revenue Service (FIRS), to ensure transparency in the implementation of the law to serve the best interest of all citizens.

He highlighted several benefits of the reform, including increased support for small businesses, improved revenue generation, and streamlined tax payment systems, all of which would positively impact the country’s socio-economic landscape.

“It is particularly significant that the law focuses on the fair and equitable distribution of VAT revenue, enabling states to fund more projects independently,” he said. “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.”

He also pointed out that while the reforms hold great promise, they could expose existing economic imbalances within Nigeria’s federal structure, especially among states and local governments.

“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,” Shettima remarked.

He concluded by calling on Nigerians to support the implementation of the law, emphasizing that its success depends on collective effort. “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,” he added.