NRS Chairman: Tinubu’s tax reforms creating new opportunities for Nigerian youths

Business

IBADAN, Nigeria (NPA) — The Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, says President Bola Ahmed Tinubu’s tax and economic reforms are creating new opportunities for Nigerian youths in business, investment and agriculture.

Adedeji stated this while delivering a keynote address at the Oyo State Emerging Political Leaders Summit 2026 in Ibadan.

The summit, organised under the theme “Bridging the Gap, Uniting Political Strength, Mobilising Emerging Political Leaders for 2027,” brought together emerging political leaders and stakeholders to discuss youth participation in governance and opportunities ahead of the 2027 general elections.

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Represented by an NRS Manager, Mr AbdulRahamon AbdulLateef, Adedeji highlighted areas where young Nigerians could benefit from the ongoing reforms, particularly in business, investment and agriculture.

According to him, the Nigeria Tax Act 2025 and Nigeria Tax Administration Act have removed some major tax burdens for small businesses.

“If you register your own company and your revenue in a year is below N100 million, you are not expected to pay company income tax, VAT, or withholding tax,” he explained.

Adedeji also said the new tax framework allows institutions in special sectors, including education, to claim VAT refunds on eligible expenses, provided they maintain proper records.

He noted that such provisions were not available under the old tax laws dating back to 1903, describing the new measures as reforms designed to support the growth of startups and schools.

The NRS chairman also identified the reformed Nigerian stock market as another potential wealth-creation avenue for young Nigerians.

He said the market had produced “more than 700 billionaires” between 2023 and 2026, while making it easier for young people to participate in investment opportunities.

On government finances, Adedeji said federal allocations to states and local governments had increased significantly under the Tinubu administration, rising from about N700 billion monthly before 2023 to N2.5 trillion in June and N3 trillion in July 2026.

He said the increased allocations were already being reflected in state budgets and reducing the need for government bailouts.

Agriculture, according to Adedeji, is another sector where young Nigerians can benefit from the reforms.

He said farmers involved in cocoa and other cash crops are exempted from taxes under the new tax law and enjoy a 100 per cent capital allowance.

The NRS chairman further said the reforms had contributed to a significant increase in revenue generated by the service, which he said rose from N12.3 billion before 2023 to N28 trillion in 2024, with revenue projected to reach N40 trillion in 2025.

He urged Nigerian youths to take advantage of the NRS’s digital platforms to understand the reforms and identify opportunities available to them across different sectors.

Youth Participation in Politics

Earlier, the Convener of the summit, Mr Wale Ajani, called for a 50-50 power-sharing arrangement between politicians aged 50 and below and those above 50 ahead of the 2027 general elections.

Ajani said the time had come to restructure political participation in Nigeria through the “50 Below 50” initiative.

“We cannot chase the elderly ones away. People of 50 years and below should have 50 per cent, while those above 50 take the remaining 50 per cent,” he said.

He explained that the initiative was not intended to sideline experience but to address what he described as a generational imbalance in political leadership.

“The initiative is not about sidelining experience, but about correcting a generational imbalance. Young people must be given a deliberate and measurable stake in governance if Nigeria is to move forward,” Ajani said.

He also urged young Nigerians to become more actively involved in politics and work towards changing the existing political narrative.

“For the youths, this is not a time to sleep at home. This is not a time to do things the way they have been doing them, because this is a time to change the narrative,” he said.

The summit also featured panel sessions examining issues affecting young Nigerians in politics, governance and other sectors.