FG seeks support for tax reforms to drive economic growth
The Vice-Chancellor of Covenant University, Prof. Timothy Anake, and other members of the institution’s management team and participants during the Tax Reform Forum and Conference on Friday in Ota
Sango-Ota (Ogun), June 2026 (TBL Africa) The Minister of Finance, Prof. Taiwo Oyewole, has called on Nigerians to support and comply with the 2025 Tax Reform Acts to drive economic growth in the country.
Oyewole made the call during a Tax Reform Forum & Conference organised by Covenant University, on Friday in Ota, Ogun.
The minister, represented by Mr Michael Olarinde, a Special Advisor on Tax Policy to the Executive Chairman of the Nigeria Revenue Service (NRS), said that the reforms aimed at addressing inequality in the country.
The two-day forum, which had the theme, “Tax Policy in Green Future: Socio-Economic Implications For Developing Countries”, was organised by Covenant University in collaboration with Ota Parapo Chamber of Commerce, Industry, Mines and Agriculture.
Oyewole said that in 2023, President Bola Tinubu recognised the need for reforms in the sector and committed to building a fair, transparent, and growth-driven tax system in which “the government taxes prosperity, not poverty; taxes the fruits and not the seed.”
“The 2025 reforms marks a major step toward a fairer, more efficient system that protects vulnerable groups, supports business growth, and strengthens revenue to drive economic growth,” he said.
The minister identified the core principles of the reforms to include simplicity, harmonisation, taxpayer focus, data-driven policy, modern administration and competitiveness.
He stated that the existing tax laws and tax-related provisions are consolidated into four legislative acts including Nigeria Tax Act, Nigeria Revenue Service (Establishment Act), Nigeria Tax Administration Act and Joint Revenue Board.
In his welcome address, Prof. Timothy Anake, the Vice-Chancellor of Covenant University, said that the forum was timely as the nation’s tax policy needed to address the green economy.
A green economy is an inclusive and non-discriminatory economy, promoting equal income distribution and opportunities while reducing disparities between – and among – people.
Anake noted that Nigeria’s dependence on oil and gas had long limited its fiscal resilience.
He said that the Federal Government needed to take a position and make policies, to tap into the wealth of the green economy, especially as most African countries had yet to take this step.
The vice-chancellor emphasised the need for interaction between academics and the industry, noting that there was the need to extend reforms to our communities.
Mr Olugbenga Olaleye, the keynote Speaker, said that the tax reforms are expected to give the system a new look in line with global standards, enhance compliance, drive economic growth in Nigeria.
Olaleye said that before the reforms were introduced, the nation was experiencing trade deficit and negative balance of payment, multiple official foreign exchange windows, wide parallel premium.
He, however, said that Nigeria now had trade surplus, balance of payment, unified official exchange rate and reduced gap with the parallel market with the introduction of tax reforms.
Dr Femi Egbesola, a panelist, said that the recent tax reforms were not meant to discourage taxpayers but to drive and support the green economy.
Egbesola, also the Chief Executive Officer of Visions Concepts Limited, stressed the need to educate people, particularly the informal sector as data available showed that over 98 per cent are in this sector while two per cent represented the formal sector.
“Education and knowledge is key to any policy, especially tax reforms to achieve sustainable green economy and national development,” he said.
