Table of Contents
Key Points
- Otedola backs Tinubu’s tax reforms, calling them a bold move toward a transparent and investor-friendly economy.
- New laws aim to simplify Nigeria’s tax system, reduce bureaucracy, and unify federal and state frameworks.
- Private sector leaders see the reforms as a green light for renewed investment and long-term economic growth.
Nigerian billionaire businessman and philanthropist Femi Otedola has backed President Bola Ahmed Tinubu’s newly signed tax reform laws, calling them a “bold, necessary step” toward building a more transparent, efficient, and investor-friendly Nigeria.
Otedola, chairman of Geregu Power and First Holdco Plc, the parent company of First Bank of Nigeria, the country’s oldest financial institution, praised the reforms shortly after Tinubu signed four sweeping finance bills into law. These bills aim to modernize Nigeria’s outdated tax framework and reduce the burden of bureaucracy on businesses and citizens alike.
Otedola: Tax reforms encourage growth
“As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR.,” Otedola wrote on X, formerly Twitter. “The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy. These reforms will reduce complexity, promote fairness, and restore confidence in how revenues are collected and used.”
With an estimated net worth north of $1.5 billion, Otedola is one of the most influential voices in Africa’s private sector. His endorsement has caught the attention of both local investors and international observers, especially at a time when the government is eager to send clear signals about its economic direction.
He stressed that the reforms go beyond revenue collection. “It’s not just about paying taxes,” Otedola said. “It’s about building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth. This is how we build a stronger private sector and a more prosperous Nigeria. Kudos to everyone who contributed to this landmark achievement for Nigeria.” He concluded saying: “I am inspired to invest more, and many other investors share the same sentiment. God bless Nigeria!”
Nigeria moves to unify tax framework
The new laws represent one of the most ambitious overhauls of Nigeria’s tax system in decades. Signed at the Presidential Villa in Abuja, the bills, the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, aim to simplify tax collection, reduce overlaps between federal and state authorities, and improve investor confidence.
“What we did a few minutes ago is the way forward for our country’s prosperity. Leadership must help people take off, lead the way, and navigate every turn and twist. We must help them reach their destination. That is what we are doing.,” President Tinubu said at the signing ceremony. “We are in transit; we have changed the roads, we have changed some of the misgivings, we have opened the doors to a new economy, business opportunities. We have shown the world that Nigeria is ready and open for business.”
He commended the leadership and members of the National Assembly for passing the bills despite initial misunderstandings. “It was initially difficult, but not all roads will be easy in nation-building. What you have provided is leadership and courage in the face of mounting disputes. Nowhere in the world would tax reforms be easy,” he said.
What people are saying
The reform effort was led by Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. “Mr. President, history will remember you for having the courage to tackle what others avoided,” he said.
Zacch Adedeji, heading the newly created Nigeria Revenue Service, which replaces the Federal Inland Revenue Service, called the moment “the happiest day of my life,” after years of advocating for a more autonomous and efficient tax agency.
Senate President Godswill Akpabio echoed the praise, describing Tinubu as “a man of vision” and saying the legislation would outlive its authors. “You’ve done what others only talked about,” Akpabio said. “This is the kind of leadership that shapes a generation.”
Otedola sees clarity in reform
Otedola’s statement stands out not just for its content, but for who it came from. Typically cautious in his public views on government, his decision to speak out sends a strong signal. It reflects what appears to be a rare alignment between government policy and private sector priorities, a sign that key business figures may be more willing to engage and invest if they see clarity and consistency in governance.
For years, Nigeria’s tax system has been seen as a stumbling block to growth, plagued by informal levies, overlapping demands, and poor trust in how public funds are used. Otedola’s words offer more than endorsement. They reflect a wider hope that the country is entering a new phase, one where public institutions work more effectively, and the private sector is empowered to play its part. His message was simple, but clear: the time for hesitation is over. With new laws in place and expectations reset, Nigeria’s investment story may be turning a page, with Otedola not just investing in the country’s future, but also in its promise.
