LCCI calls for transparent tax reform rollout, warns growth still not inclusive

The Lagos Chamber of Commerce and Industry has emphasized that the effective and transparent implementation of Nigeria’s new Tax Reform Act is critical to easing compliance, reducing the burden on businesses, and broadening the tax base without harming economic growth.

In a review of 2025 and outlook for 2026, LCCI President Leye Kupoluyi noted that fiscal reforms gained momentum with the signing of the Act in June 2025, which consolidates multiple tax laws into a single framework effective from January 1, 2026.

The Chamber urged the Federal Government to ensure its proper implementation.

The statement follows recent clarifications by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who reassured Nigerians that the new system is based on self-declaration, not automatic deductions from personal bank accounts.

The LCCI described 2025 as a year of “tough reforms, economic resilience, and cautious stabilisation,” acknowledging the short-term pain caused by subsidy removal and forex liberalization but noting these laid a foundation for rebuilding investor confidence.

Indeed, key points from the review include: GDP grew modestly to 3.98% in Q3 2025, largely driven by services; and Nigeria’s exit from the FATF grey list boosted its global financial reputation.

However, the LCCI says growth remains below the population growth rate, meaning it is not inclusive and fails to significantly reduce poverty.

Also, the 2025 budget underperformed, with weak capital expenditure (only 17.7% released by Q3) limiting infrastructure delivery and public debt rose to approximately ₦152.39 trillion, with debt service consuming over 65% of government revenue.

In the same vein, businesses faced persistent challenges including high inflation, forex volatility, insecurity, power shortages, and multiple taxes.

Looking ahead, the LCCI called for stronger policy coordination in 2026 to curb inflation, ease interest rates, stabilize the forex market, and accelerate infrastructure through public-private partnerships.

The Chamber concluded that while 2025 marked a shift from crisis management to stabilisation, the challenge for 2026 is to “translate macroeconomic reforms into broad-based prosperity.”

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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