The Nigeria Employers’ Consultative Association (NECA) has declared its support for the commencement of the nation's new tax reform laws, scheduled to take effect from January 1, 2025. The association's Director-General, Adewale-Smatt Oyerinde, made this position known during a press briefing held on December 30, 2024, where he addressed the state of the economy and projections for the coming year.
NECA's Stance on Implementation and Amendments
While throwing its weight behind the rollout, NECA emphasized the need for ongoing adjustments. Oyerinde urged that the process should move forward, with amendments made as stakeholders raise legitimate concerns. He argued that halting the implementation would be detrimental to the country's progress. “Let us progress and proceed. As more genuine issues are raised, we will continue to make amendments, but not moving will be a crime against the country,” Oyerinde stated. He revealed that the alterations in the tax laws were “done by Nigerians in high places,” and such actions should not hold the nation hostage.
Engagement and Oversight of the Tax Committee
The NECA boss acknowledged the significant public antagonism the tax laws have faced. He commended the efforts of Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, for his grassroots engagement with Nigerians on the issues. However, Oyerinde issued a note of caution, stating that while the private sector supports the committee's work, they will not remain passive observers. “We would also not sit and watch if we notice that there are some things the committee should have done that they are not doing right,” he affirmed, underscoring the association's role in monitoring the process.
Call for Microeconomic Stability in 2026
Looking ahead, the Director-General expressed optimism about the continuity of economic reforms but stressed the critical need for stability at the microeconomic level. He pointed out that the perceived macroeconomic benefits have not yet filtered down to improve the daily reality for the average Nigerian business or citizen. Oyerinde called on the government to ensure 2026 becomes the year these gains begin to trickle down. “While we focus on the macroeconomics at the top level and the synchronisation of the fiscal and monetary policies, 2026 should be when those gains start trickling down to the microeconomy,” he said. He concluded by reiterating NECA's commitment to deepening engagement with the government to foster a more profitable and hospitable business environment.
