Femi Otedola has become the first Nigerian billionaire to publicly endorse the four new tax reform laws signed into law by President Bola Tinubu.
Otedola praised the reforms for simplifying tax processes, improving transparency, and creating a more conducive environment for investors.
He described the bills as “a bold, necessary step toward a more transparent, efficient, and investment‑friendly economy.”
Otedola said the reforms would reduce complexity, promote fairness, restore confidence in public revenue use, and unlock productivity.
Signed on June 26, the laws include the Nigeria Tax Bill, Tax Administration Bill, Nigeria Revenue Service Bill, and Joint Revenue Board Bill.
They are designed to harmonize tax statutes, streamline administration, establish a new revenue service, and boost federal‑state coordination.
Otedola stated he felt inspired to invest more, believing that better tax governance would build a stronger private sector.
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He added that these reforms mark a turning point in Nigeria’s fiscal evolution, aligning taxation with growth objectives.
The reforms will take effect from January 1, 2026, after stakeholders complete a six‑month adaptation period.
Experts believe the overhaul will enhance revenue generation, attract foreign direct investment, and boost fiscal resilience.
Otedola’s endorsement offers symbolic validation for business community confidence in the reforms and nationwide economic prospects.
