Experts Urge Stronger Agency Cooperation as FG Suspends New Tax Law Guidelines

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Specialists speaking at the 2026 Economic Outlook hosted by the Institute of Chartered Accountants of Nigeria (ICAN) have emphasized the need for deeper coordination among government agencies to effectively implement recently introduced tax reforms.

During a panel discussion, the Director-General of the Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona, stressed that improved collaboration between institutions is essential to resolving policy-related conflicts that frequently disrupt execution.

Almona highlighted the importance of adopting technology-driven, unified monitoring systems, adding that poor alignment among governmental bodies has historically weakened the impact of policy initiatives.

Similarly, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, appealed for tax policies that support inclusive growth while safeguarding industry competitiveness.

He pointed out that manufacturing still contributes less than 10% to the country’s Gross Domestic Product despite its significance, and noted that unsold goods valued at nearly ₦2 trillion remain a challenge for manufacturers due to multiple structural constraints.

Nigeria at a Critical Turning Point — Hayatudeen

Session chairman Mohammed Hayatudeen described Nigeria as entering 2026 at a sensitive yet decisive period.

According to him, after the volatility of reforms carried out between 2023 and 2024, the economy experienced moderate stability: inflation eased, foreign exchange rates steadied, and external earnings improved.

However, Hayatudeen warned that despite these positive indicators, poverty remains widespread, stressing that successful reforms depend heavily on how well they are implemented.

He questioned whether administrative capacity would match the ambition of tax policy, noting that laws alone do not generate revenue—effective systems, skilled professionals, and strong institutions do.

Accountability Key to Sustained Economic Progress — ICAN President

ICAN President, Mallam Haruna Nma Yahaya, stated in his opening remarks that accountability must remain at the heart of Nigeria’s economic strategy, especially as the nation works through ongoing reforms and a still-fragile recovery.

Yahaya explained that the 2026 ICAN Economic Outlook event was created to link professional ethics with national development.

He noted that Nigeria’s economic indicators improved in 2025, with GDP growth surpassing 4% in the second quarter, fueled by gains in manufacturing, trading, and service industries.

Inflation, he said, eased to the mid-14% range by year’s end due to tighter monetary policies and better supply conditions. He also revealed that foreign exchange reserves grew to multi-year highs, supported by stronger export performance and improved FX market reforms.

Trade and current-account balances also moved back into surplus, while business activity strengthened significantly, as reflected in the Purchasing Managers’ Index rising to 57.6 points.

Despite these improvements, Yahaya warned that progress could easily be reversed without sustained discipline, transparency, and strong institutions.
“Accountability is not just an ideal—it is an economic necessity,” he emphasized.

FG Suspends Guidelines on New Tax Laws

The Federal Government has paused the release of guidelines for the implementation of newly passed tax laws following uncertainty about the authenticity and finality of the versions currently circulating.

Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, revealed this during a question-and-answer session after his keynote address at the event.

Oyedele said he directed both the Nigeria Revenue Service and the Joint Revenue Board to halt issuing any guidelines until complete clarity is obtained.

He explained that doubts emerged over whether the available documents represent the official, authenticated versions of the laws.

To resolve this, he instructed his team to obtain printed copies from the government printer as required by the Acts Authentication Act, which states that the government printer’s version serves as the legal proof of enacted laws.

However, his staff were unable to purchase the documents, as they were told the printed copies were not yet ready.

Later, they learned that the National Assembly had collected all printed versions and ordered that none be sold until its review process was concluded, creating further uncertainty.

Lawmakers Investigate Claims of Alterations

The four new tax laws—the National Revenue Service (Establishment) Act, the Joint Revenue Board of Nigeria (Establishment) Act, the Nigeria Tax Administration Act, and the Nigeria Tax Act—came into effect on January 1.

However, public controversy erupted following allegations that the gazetted versions differed from what the National Assembly actually passed.

At a plenary session in December, Abdussamad Dasuki (PDP, Sokoto) raised concerns that the content of the gazetted laws did not align with the versions debated and adopted by both chambers.

A seven-member committee was subsequently formed to investigate the discrepancies.

On January 3, the National Assembly released Certified True Copies of the approved documents and distanced itself from the disputed gazetted versions.

Despite the uproar, Oyedele clarified that the identified variations would not affect key provisions of the tax laws, including tax rates, filing deadlines, and overall tax burden.

Oyedele also expressed alarm at what he described as organized resistance to the reforms and the spread of misinformation, alleging that certain groups received payments to protest.

He recalled an incident in November 2025 when inaccurate information caused a ₦4.6 trillion loss in the Nigerian stock market within a single day.

He questioned why small-scale sellers were panicking despite the new laws exempting individuals whose annual sales do not exceed ₦150 million.

Discussing the event’s theme, Oyedele emphasized that accountability remains the essential link between reform and actual results, arguing that even strong policies fail when poorly executed due to weak accountability.