President Bola Tinubu’s effort to drive economic reform through a proposed increase in the Value-Added Tax (VAT) has suffered a major blow following rejection by the House of Representatives. The development not only exposes long-standing geopolitical tensions but also poses a threat to Nigeria’s fiscal outlook in 2025. The rejected plan sought to raise VAT from 7.5% to 10% in 2025 and further to 15% by 2030. Lawmakers pushed back over proposed adjustments to the VAT-sharing formula, fearing that the new revenue allocation would disproportionately favor the more industrialized southern states. Currently, VAT is distributed 50% equally among the 36 states, 30% by population and 20% by contribution to the pool. Tinubu’s plan sought to revise this to 20% equally, 20% by population and 60% by contribution. Northern lawmakers opposed this formula citing a potential loss in revenue, given the higher contribution from states like Lagos and Rivers. This fiscal pushback comes at a time when Nigeria’s budget is under increasing pressure and oil prices are dropping below the government’s benchmark of $75 per barrel due to global market disruptions tied to the US trade war, revenue shortfalls are imminent. Oil accounts for nearly half of government spending and is the main source of foreign exchange for the country. The VAT hike was the third pillar in Tinubu’s reform strategy following the removal of fuel subsidies and the floating of the naira. Nigeria’s tax-to-GDP ratio stands at approximately 11%, one of the lowest globally. The proposed increase was designed to bolster non-oil revenue. Experts say the rejection of the VAT increase highlights the persistent divide between the north and south on revenue allocation and governance. The northern region, more populous but less industrialized, relies heavily on federal allocations and opposes reforms that appear to benefit the south. Vice President Kashim Shettima defended the broader economic reforms in a recent statement, asserting that “governance must deliver water, electricity, schools, roads and hospitals” rather than focus solely on federalism theory. He emphasised the government’s commitment to a bold but necessary path of reform. Despite the legislative hurdle, the government plans to intensify income tax reforms. The National Assembly has already approved measures to close loopholes and improve compliance. New rules target tax evaders and high-income earners while initiatives like rewarding renters for reporting landlords are expected to improve property tax collection. Abiodun Kayode-Alli, a senior manager in PwC’s tax and strategy unit, noted that “there’s a lot of wealthy Nigerians literally not paying taxes.” He said increasing enforcement and closing gaps in compliance could help offset VAT shortfalls. Analysts believe that while the VAT rejection represents a temporary fiscal obstacle, successful implementation of income tax reforms and enhanced enforcement may provide alternative revenue streams. However, with Brent crude trading at about $65 per barrel, $10 short of budget expectations, Nigeria’s fiscal space remains constrained. The Senate is expected to deliberate on the VAT proposal after Easter. Analysts anticipate a similar rejection unless major compromises are introduced. Meanwhile, Tinubu’s economic team must reassess its strategies to sustain fiscal stability amid weakening oil revenues and geopolitical pushback from within the National Assembly. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Federal Inland Revenue Service (FIRS) has announced a projected revenue target of N25.2 trillion for 2025, reflecting a significant increase from the N21.6 trillion collected in 2024. This ambitious target highlights the Service’s ongoing efforts to strengthen government revenue through improved tax administration and strategic reforms. FIRS Executive Chairman, Dr. Zacch Adedeji, made this known during the opening of a two-day workshop themed “Tax Expenditure and its Effects on Government Revenue.” Represented by Bola Akintola, Coordinating Director of the Corporate Services Group, Adedeji noted that the FIRS continues to face mounting pressure to generate more revenue, especially as contributions from certain Ministries, Departments, and Agencies (MDAs) continue to decline. He revealed that the Service currently contributes an average of over 60 percent of the total monthly inflow to the Federation Account, attributing this performance to a range of proactive policy decisions and reform initiatives that have been implemented in recent years. However, he also pointed out the growing concern over revenue loss linked to tax incentives, which he said remain difficult to quantify due to a lack of reliable data. This issue underscores the importance of developing stronger mechanisms for tracking and evaluating tax expenditure. In a paper titled “Nigerian Experience in Tax Expenditure Reporting – Achievements and Challenges,” Ikata Oyekuodi John, Head of Tax Expenditure Management at FIRS, explained that effective fiscal policy requires a delicate balance between offering tax incentives and maintaining consistent, sustainable revenue generation. He emphasized that tax expenditure reporting plays a crucial role in assessing the cost and impact of incentive policies, helping to guide better decision-making. As FIRS looks toward 2025, its focus remains on enhancing transparency, improving data-driven reporting, and ensuring that Nigeria’s tax system supports long-term economic stability. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Introduction In a strong statement of intent to strengthen investor confidence in Nigeria’s financial ecosystem, the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) have reaffirmed the pivotal role of transparency and accountability in attracting both local and foreign investment. The message was clear: without open and responsible corporate reporting, sustainable economic growth remains elusive. This position was emphasized during the second edition of the ICAN-NGX RegCo Corporate Reporting Award, held recently in Lagos. Transparency: A Key Driver of Economic Integrity During the event, ICAN’s 59th President, Davidson Alaribe, highlighted the growing demand for businesses to go beyond traditional financial disclosures. According to Alaribe, the health of a nation’s economy is deeply tied to the openness and integrity of its corporate reporting standards. “Our economy’s credibility hinges on transparent reporting practices,” Alaribe stated. “We must continue to foster a culture of openness and accountability, not only to meet regulatory obligations but to build a more resilient future for Nigeria’s corporate sector.” Recognizing Excellence in Reporting The ICAN-NGX RegCo Corporate Reporting Award celebrates companies that exemplify best practices in financial reporting, governance, and sustainability. This year’s edition assessed Nigeria’s 30 most capitalised listed companies, evaluating them on the basis of financial transparency, ESG metrics, and corporate governance. Award Highlights: Additional recognitions were presented for sector-specific excellence and most improved performance in reporting and compliance. A Call for ESG Accountability Alaribe emphasized that environmental, social, and governance (ESG) disclosure has evolved from a corporate trend into a business imperative. He urged companies to commit to ethical, sustainable business practices that go beyond profit-making. “As we honour today’s winners, we must also recommit ourselves to the principles of transparency and sustainability—values that will shape the next chapter of Nigeria’s economic journey,” he said. NGX RegCo: Guardians of Market Integrity Olufemi Shobanjo, CEO of NGX RegCo, reinforced the centrality of corporate reporting in maintaining market stability and building investor trust. “Corporate reporting is more than a compliance requirement,” Shobanjo explained. “It is the heartbeat of a transparent market, instilling confidence in investors, shareholders, and the wider public.” He added that this year’s award recipients have set a benchmark for others to follow, demonstrating the positive impact of transparency on corporate reputation and investor appeal. Conclusion The message from the ICAN-NGX RegCo Corporate Reporting Award is loud and clear: transparency, accountability, and sustainability are not optional—they are the bedrock of a thriving capital market. As businesses navigate a more complex global landscape, their commitment to these principles will determine their relevance, resilience, and long-term success. Companies across Nigeria are encouraged to take this call seriously—not just to win awards, but to lead responsibly and earn lasting trust in the eyes of the world. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Introduction: The Oyo State Government has recently introduced a new tax law that will require traders and artisans to pay taxes. This new regulation aims to generate revenue for the state, while also ensuring that all sectors contribute to the development and growth of the region. The implementation of this law is expected to have a significant impact on the local economy, as it will now include more businesses, particularly small and medium-scale traders and artisans. The New Tax Law: In a move to boost the state’s economy, the Oyo State Government has mandated that traders, artisans, and other small-scale businesses begin to pay taxes under the new legislation. The law is designed to streamline the taxation process and make it more inclusive of the various informal businesses that are prevalent within the state. This new law aims to promote fairness, as it ensures that all businesses, big or small, contribute their fair share to the state’s resources. Traders and artisans will now be expected to register with the appropriate tax authorities and pay the taxes levied on their income and business activities. Why the Law Was Introduced: The introduction of this tax law is a response to the need for increased revenue generation within the state. By including traders and artisans in the tax net, the government seeks to improve public infrastructure, provide essential services, and boost the overall development of Oyo State. This law is part of the state’s broader strategy to modernize its tax system, improve governance, and ensure the equitable distribution of resources across different sectors of the economy. How It Will Affect Traders and Artisans: Traders and artisans in Oyo State will need to understand the details of the new tax requirements to ensure compliance. The government is expected to provide guidelines on the tax rates and processes for registration. This could also provide an opportunity for many small businesses to access government services and programs aimed at boosting their operations. For traders and artisans, paying taxes can also lead to certain benefits, such as greater access to public services and infrastructure improvements, which can, in turn, support their businesses. Conclusion: As Oyo State continues to evolve and grow, the introduction of the new tax law represents an important step towards a more structured and sustainable economy. Traders and artisans are encouraged to familiarize themselves with the law’s provisions to ensure smooth compliance and contribute to the development of the state. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Banks have called on the government to introduce tax incentives and reliefs for financial institutions involved in infrastructure and mining financing—similar to policies implemented in countries like China and Brazil. Oliver Alawuba, Chairman of the Body of Banks’ Chief Executive Officers (CEOs), made this appeal during the 36th Seminar of the Finance Correspondents Association of Nigeria (FICAN), held in Abuja on Monday. The seminar was themed: “Banking Recapitalisation Towards a One-Trillion Dollar Economy: The Industry Perspective.” Alawuba, who is also the Group Managing Director of United Bank for Africa (UBA) Plc, emphasized that offering tax breaks for recapitalisation-related investments and providing partial refunds of the Cash Reserve Requirement (CRR) tied to infrastructure financing would significantly contribute to achieving Nigeria’s one trillion dollar economic vision. He also highlighted the importance of enabling legislation to support long-term capital mobilisation, as well as strategic communication, capacity building, and stakeholder engagement to drive economic growth. According to him, the Central Bank of Nigeria’s (CBN) recent directive on banking recapitalisation marks a significant policy move aimed at aligning the strength of Nigeria’s financial system with its ambitious economic goals. “It is a necessary and strategic step toward achieving the vision of a one trillion dollar economy,” he said. Alawuba noted that banks view recapitalisation not just as a compliance requirement, but as an opportunity to redefine their roles as key drivers of economic development. He stressed that Nigeria’s journey toward a trillion-dollar economy hinges on the financial sector’s ability to mobilise capital, fund critical infrastructure, bolster the real sector, and drive digital transformation. While commending the CBN’s recapitalisation initiative as timely and strategic, Alawuba also pointed out several challenges that must be addressed, including regulatory and policy inconsistencies, security issues, limited financial accessibility, and the need for deeper inclusion. “Banks today are expected to support both traditional sectors like oil and gas, agriculture, and manufacturing, as well as emerging industries such as fintech, green energy, and infrastructure,” he said. “Without adequate capital buffers, the sector cannot effectively meet these demands.” He described recapitalisation as more than a regulatory mandate, but rather a forward-thinking policy designed to equip the banking sector for the scale, complexity, and competitiveness required in a trillion-dollar economy. Alawuba urged banks to take the lead in compliance, innovation, and economic leadership, while calling on regulators to provide wise and adaptable guidance. “Let us reimagine banking as a catalyst for national development—and commit ourselves to building an economy that benefits every Nigerian,” he concluded. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Federal High Court in Abuja has admitted documents from the Federal Inland Revenue Service (FIRS) allegedly detailing its investigation into Binance’s financial operations in Nigeria. Justice Emeka Nwite admitted the documents as evidence during a hearing on Friday, following a request by FIRS counsel, Moses Idehu. According to an earlier report by Nairametrics, the FIRS amended its lawsuit on May 17, 2024, accusing Binance of failing to collect and remit key taxes—specifically Value Added Tax (VAT) and Company Income Tax (CIT)—as required by Section 40 of the FIRS Establishment Act (2007, as amended). Allegations Against Binance The FIRS claims Binance provided cryptocurrency services to Nigerians—such as the buying, selling, transferring, and remittance of crypto assets—without deducting or remitting the appropriate VAT. On June 14, 2024, the court discharged two individuals—Tigran Gambaryan, a 39-year-old American, and Nadeem Anjarwalla, who is currently on the run—from the FIRS tax evasion suit, after Binance appointed Ayodele Omotilewa as its Nigerian representative. Omotilewa, appearing on behalf of the company, denied the allegations, allowing the court to proceed with the trial. FIRS Investigation Details During the hearing, Muftau Abdukarim, Assistant Director at FIRS’ Government Business Task Office, testified that on March 12, 2024, his department received a memo from the Litigation and Prosecution Department instructing them to investigate Binance Holdings Ltd. Abdukarim stated that he immediately assigned the task to a subordinate, Omoshola Babafemi, who used the FIRS’s TaxPro Max platform to conduct the investigation. “On March 19, 2024, Babafemi submitted a memo with the investigation findings,” Abdukarim said, adding that he forwarded the report to the Litigation and Prosecution Department that same day. The internal memos—reviewed by Nairametrics—included directives for a detailed investigation into Binance’s financial transactions and compliance status in Nigeria. Excerpts from the memos read: “I have been assigned by the Head of the Criminal Prosecution Division (FIRS) to coordinate the investigation on this matter and also request your office to generate bank transaction records of Binance Holdings Ltd…” “Sequel to your memo dated March 12, 2024, our office has conducted a comprehensive search on the TaxPro Max platform regarding Binance Holdings Ltd… and we hereby forward the report of our findings.” FIRS counsel Moses Idehu urged the court to admit these documents as evidence. Binance’s lawyer, Chukwuka Ikwuazom (SAN), did not object or cross-examine the witness. The court admitted the documents and adjourned the case until May 20, 2025. Context and Background The Federal Government previously accused Binance of contributing to the instability of Nigeria’s foreign exchange market. Minister of Information, Idris Mohammed, claimed the platform recorded over $20 billion in transactions in Nigeria in 2023 alone. On February 28, 2024, two senior Binance executives were detained in Nigeria. While Anjarwalla later escaped, Gambaryan was released after several months due to health concerns and diplomatic intervention. In addition to the FIRS case, Binance also faces a separate lawsuit by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering, tax evasion, and FX violations. FIRS is also demanding $79.5 billion in damages, ₦231 million in penalties, and $2 billion in income tax for the years 2022 and 2023. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Federal Inland Revenue Service (FIRS) has announced plans to educate business owners, farmers, and entrepreneurs on the range of tax incentives available, particularly those designed to ease the burden on growing businesses. FIRS Chairman, Mr. Zack Adedeji, made this announcement on Saturday during the 12th Benue National Trade Fair held at IBB Square, Makurdi. Representing him at the event was the Director of Taxpayer Services, Mrs. Lovette Onanuga. Adedeji highlighted that various incentives, from pioneer status benefits to tax reliefs for agriculture-related investments, are available to support nearly every sector represented at the trade fair. “This year’s trade fair theme, ‘Industrialisation and Commercialisation of Benue Agriculture and Solid Minerals as Panacea for Growth,’ aligns strongly with our work at FIRS,” he said. He stressed Benue State’s vast potential not only in agriculture but also in its untapped solid mineral resources, noting that building sustainable businesses is key to unlocking these opportunities. “When properly harnessed, taxes become catalysts for national growth, enabling the government to invest in critical infrastructure, public services, and policies that support agriculture, mining, trade, and enterprise,” Adedeji added. He acknowledged that many small and medium-sized businesses often view taxation as a burden. To change this perception, FIRS has adopted the departmental theme for the month: “Breaking Down Tax Incentives and Reliefs”, aiming to help businesses see taxation as an opportunity rather than an obligation. Adedeji encouraged participants to visit the FIRS help desk at the trade fair for assistance with registration, tax clearance, and information on available incentives. He also introduced the self-service code *829#, enabling users to access services without internet connectivity. Also speaking at the event, the Tax Controller and Emerging Tax Officer, Mrs. Rose Ugoh, said FIRS had introduced several initiatives to make tax processes easier. She mentioned TaxPro Max, an online platform simplifying tax filing and payment, especially for small business owners. Ugoh further introduced the Taxpayers Education Programme, a national initiative offering campaigns and workshops aimed at improving tax awareness and compliance among micro and small enterprises. She emphasized that FIRS is committed not only to enhancing revenue collection but also to building a culture of voluntary tax compliance and economic formalization. Meanwhile, the President of the Benue Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA), Mr. Mhir Iyenge, noted that the trade fair had previously been suspended due to security challenges in some local government areas. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Private school owners in Edo State staged a peaceful protest in Benin on Friday, voicing their concerns over what they described as an “alarming increase” in personal income taxes imposed by the state government. Operating under the Coalition of Associations of Private Schools (CAPS), the school proprietors gathered at the Ministry of Education, carrying placards and banners to express their grievances. CAPS includes the Association of Private School Owners of Nigeria (APSON), Association of Formidable Education Development (AFED), National Association of Proprietors of Private Schools (NAPPS), and the Association of Islamic Model Schools. The protesters called for the reversal of a tax hike they claimed ranged from 200% to 400%, labeling it as punitive and unsustainable. Dr. Ohis-Olakhe Emmanuel, Chairman of the coalition and leader of the protest, explained that the group had explored all avenues for dialogue before resorting to the demonstration. Emmanuel stated, “Private schools not only complement government efforts in the education sector, but also serve as major employers of labor. With this increase, over 300,000 teachers could lose their jobs, along with many vendors and service providers who rely on schools for their livelihoods.” He criticized the tax calculation method, which was based on a per-student estimate of N30,000 to N35,000, despite many schools charging much less. Emmanuel emphasized that taxes should be based on profit, not gross income, given the operational expenses schools face. Dr. Austin Igbasan, Secretary of the coalition, warned that the tax increase could have far-reaching consequences, including school closures, job losses, and a rise in out-of-school children, particularly in low-income families. Oladele Ogundele, Secretary of AFED, echoed these concerns and called for a unified tax system for school owners. He pointed out various levies on schools, such as personal income tax, PAYE for staff, renewal fees, environmental and health certificates, signage fees, and tenement rates. Ogundele remarked, “Education is a social service and should be supported, not taxed to extinction. The Nigerian Constitution and the Universal Basic Education Act emphasize free and compulsory education, and this level of taxation contradicts that principle.” In response, the Edo State Commissioner for Education, Paddy Iyamu, assured the protesters that the government would review their concerns. He promised to arrange a meeting with the Edo State Internal Revenue Service (EIRS) to address the issues raised. “Taxes are essential for the government to fulfill its obligations, but we will ensure that schools are not overburdened,” Iyamu said. He also urged schools failing to meet minimum standards to take corrective actions, warning that strict enforcement measures would soon be implemented. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Nigerian naira made a slight gain against the US dollar in the official foreign exchange market, closing the week at N1,626.00/$1 on Friday. This marks an improvement compared to Thursday’s rate of N1,630.50/$1, according to data from the Central Bank of Nigeria (CBN). The week ended on a relatively positive note after a period of volatility, with the local currency experiencing fluctuations between gains and losses. At the start of the week, the naira opened at N1,629.00/$1 on Monday, strengthened slightly to N1,615.00/$1 on Tuesday, but weakened to N1,644.00/$1 by Wednesday. It recovered to N1,630.50/$1 on Thursday before closing stronger at N1,626.00/$1 on Friday. Despite some mid-week depreciation, the naira managed to recover some of its losses, reflecting a slight but positive sentiment among investors in the official market. Parallel Market Movement In the parallel (black) market, the naira saw mild fluctuations but remained largely stable throughout the week. It closed at N1,624.35/$1 on Friday, a slight drop from N1,621/$1 on Thursday. The naira opened the week on Tuesday at N1,585/$1, appreciated slightly to N1,580/$1 on Wednesday, but weakened to N1,621/$1 on Thursday, before further depreciating to N1,624.35/$1 on Friday. The divergence between the official and parallel market rates is attributed to ongoing demand pressures, FX illiquidity, and speculative trading behavior. Cross-Currency Performance At the close of trading on Friday, the naira was valued at N1,591.85/$1 according to the CBN. Against other major currencies, the naira traded at N2,090.57/£1 and N1,815.82/€1. The CBN continues to implement intervention measures to stabilize the foreign exchange market, including weekly sales to Bureau De Change operators and efforts to increase FX supply from non-oil sources. Experts’ Insights Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), attributes the ongoing forex volatility to a mix of local and global uncertainties. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), links the naira’s recent struggles to both global factors and speculative pressures. Other analysts suggest the naira may continue to trade within a narrow range in the coming week, depending on the level of FX liquidity provided by the CBN and foreign inflows into the Nigerian economy. However, they emphasize that sustained efforts to unify rates and curb speculation are critical for achieving long-term currency stability. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

We’ve been following the journey closely — you, me, and Nigerians everywhere. We’ve moved beyond conversations and consultations. Now, the House of Representatives has passed the Tax Reform Bills, marking a pivotal shift in Nigeria’s tax system. When you hear the word “reform,” what comes to mind? And when you think of the “Tax Reform Bill,” who do you envision? For many Nigerians, there’s one clear answer: Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS). When President Bola Ahmed Tinubu assumed office in May 2023, he inherited an economy in urgent need of revival. Our tax system was riddled with inefficiencies, low compliance, limited coverage, and a lack of transparency. Coordination between federal and state tax authorities was weak, and the tax framework itself was outdated, incapable of supporting long-term growth. President Tinubu, fully aware of these challenges, made a decisive move: he appointed the right man for the job — Dr. Zacch Adedeji. Tax reform became a cornerstone of the government’s broader economic strategy, and under Dr. Zacch’s leadership, real change began. Understanding that reforms must work beyond paper, Dr. Zacch launched an aggressive modernization drive. FIRS accelerated internal reforms, digitised processes, automated over 80% of returns processing, and upgraded the TaxProMax system with new modules that made tax compliance smarter and easier. Nigerians weren’t waiting for change — we were making it happen. By late 2024, four draft bills were introduced: the Nigeria Revenue Service Bill, the Nigeria Tax Administration Bill, the Nigeria Taxation (Consolidation) Bill, and the Joint Tax Board Bill. These bills were crafted to streamline tax laws, harmonise administration, and expand the tax base — all without putting undue pressure on taxpayers. Through public hearings and rigorous consultations, the National Assembly ensured that every voice was heard. Some proposals were revised, such as the decision to maintain the current VAT rate. On March 13, 2025, the House of Representatives passed the Tax Reform Bills. After the Senate returns from recess on April 29, 2025, it is expected to debate and pass them, after which the bills will move to the President’s desk for assent. We are now in the final stretch. But it’s important to remember how we got here: it took presidential resolve, expert contributions, and above all, the steadfast leadership of Dr. Zacch. He didn’t just oversee the process — he owned it, driving it forward with clarity, purpose, and tangible results. With sustained execution and the right structures in place, these reforms will lay the foundation for a stronger, more resilient Nigerian economy — one that benefits both the government and the people. The Tax Reform Bills are not just another trend. They represent the change we demanded — and most importantly, the change that’s here to stay. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.