Nigerian Tax Reforms and Women’s Empowerment Take Center Stage at WIMBIZ Conference
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called on Nigerian entrepreneurs to formalise their businesses to take advantage of the Federal Government’s new people-centred tax policies. These reforms exempt small companies and minimum-wage earners from paying taxes, aiming to foster economic growth and fairness.
Oyedele made this appeal during a panel discussion titled “The New Tax Law and You” at the 24th Annual Conference of the Women in Management, Business and Public Service (WIMBIZ). The event took place on Thursday and highlighted the importance of aligning with the government’s latest fiscal initiatives.
Nigeria’s President Bola Tinubu signed four tax reform Acts into law in June, with two of them already in effect. Two more are expected to come into force by 1 January 2026. According to Oyedele, these reforms are designed to “reward compliance” and create an environment where businesses can grow before being taxed.
“We started the tax and fiscal reform with how people do business, how those businesses grow, and how finance is placed,” he explained. “You can’t knock on the door and say, ‘Tax me.’ Let’s have a conversation on how to create a business that can pay corporate tax. So, the reforms are people-centric.”
One of the key benefits for small businesses is the zero per cent corporate tax rate for those with annual turnover of N100m or less. Additionally, the Corporate Affairs Commission has announced that it will register 250,000 small companies free of charge.
Oyedele also highlighted the focus on fairness in value-added tax (VAT) administration, stating that certain critical sectors will be fully exempted from VAT starting next year. This includes essential items such as water, food, education, and pharmaceutical services.
“From 1 January next year, this bottle of water will be zero-rated for value-added tax. Because this water is exempt, when we are selling it, as the producer of the water, you shouldn’t charge VAT. But the person producing this water must have incurred VAT on the plastic, the label, the service to print it, and the car to deliver the water to customers. They have loads of VAT. From next year, this water will be zero-rated. The same explanation applies to food, education, and pharmaceutical and medical services,” he said.
He added that the government analyzed how Nigerians spend their income and decided to lift taxes on essential sectors. “Data show that almost 80 per cent of households at the bottom in Nigeria spend their entire income on five items: food, education, health, rent, and transportation. I’m saying, for these five things, why don’t we remove the taxes on them?” he asked.
Women’s Role in Shaping Nigeria’s Future
The keynote speaker at the event, Arunma Oteh, challenged women to step into Nigeria’s political space or risk being left out of the country’s future. Oteh, who was once the Director-General of the Securities and Exchange Commission, emphasized the importance of including women in leadership roles.
“Half of Nigeria’s people are women. Bringing women into the room is not only the right thing to do; it is the smart thing to do. Believe that a focus on increasing the participation of women in public and private sector leadership is an important answer because the women who have been given opportunities have shown what they can do. When female leaders are in charge, we make more collective progress on key issues that impact the world,” she said.
Oteh expressed concern about the country’s low level of women’s political representation. “We are 143rd out of 144 countries when it comes to political participation,” she said. “We don’t have a president who’s a woman, we don’t have a vice president who’s a woman, we don’t have a senate president who’s a woman, and we don’t have female governors. We have only four senators, not even five, and sixteen women in the House of Representatives; that’s 4.4 per cent.”
She urged the audience to become political actors, asking, “The men have already started preparing for 2027, so what are you doing in preparation for 2027? That’s my question.” Oteh also emphasized the need for women to act collectively, stating, “I hope that many women will see collective action. We must insist that more women step forward to participate in leadership and politics, because where politics goes is where this nation will go.”
Global Perspectives on Economic Growth
The Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala, in her goodwill message, called for the economy to move from stabilisation to growth. She stated, “We need to move the economy from stabilisation to growth so that the lives of ordinary people can improve. We all know that when times are hard, globally and nationally, women are hit harder. It is at such times that organisations like WIMBIZ become critically important. Supporting women in business and the professions has never been more important than now. WIMBIZ has been playing a terrific role, and I know it will continue to do so.”
A Platform for Women Leaders
The conference chairperson, former Justice of the Supreme Court of Nigeria, Justice Amina Augie (Rtd), urged the audience to see themselves as their sole competitors. The PUNCH reports that the annual conference is being held under the theme “O.W.N – Own. Walk. Nurture.” It provides a platform for hundreds of women leaders, entrepreneurs, professionals, policymakers, and visionaries from across Africa and the globe.