Stakeholders Advocate for Voluntary Tax Compliance in Nigeria

Stakeholders in Nigeria are pushing for voluntary compliance with new tax laws that will take effect in January 2026. Barrister Isaac Okpanachi, representing the Full Gospel Business Men's Fellowship International, emphasized the importance of transparency and economic growth while protecting low-income earners.

The new tax regime is designed to improve accountability and block revenue leakages, which are crucial as the nation seeks to reduce its reliance on oil revenue. The reforms will exempt individuals earning below N800,000 annually from statutory tax deductions and aim to alleviate the burden on low-income earners while supporting small and medium enterprises.

Ishaku Ankuma from the Nigeria Revenue Service warned that tax evasion could lead to penalties, including fines and audits. Ismail Abdullahi urged business owners to build trust in the government’s tax system and seek guidance to avoid infractions that could affect their operations.

The reforms are intended to strengthen governance and enhance the efficiency of tax collection.