The Nigeria Employers’ Consultative Association (NECA) has expressed support for the implementation of the new tax legislation scheduled to commence in January.
The Director-General of NECA, Mr. Wale Smatt-Oyerinde, made this known at a media briefing held on Tuesday in Lagos. He commended the Presidential Committee on Fiscal Policy and Tax Reforms for what he described as constructive engagement with stakeholders, despite attempts by some quarters to misinform the Nigerian public about the committee’s intentions.
Smatt-Oyerinde urged the Federal Inland Revenue Service (FIRS) to collaborate closely with the organised private sector to deepen public awareness and understanding of the new tax laws.
He described the tax reform legislation as one of the most contentious policy initiatives in Nigeria’s recent political history, noting that it had generated widespread debate and resistance.
The NECA Director-General called on the Federal Government to proceed with the implementation of the laws, arguing that concerns raised over alleged alterations by the National Assembly were insufficient to derail reforms designed to achieve critical economic objectives.
“We cannot continue to operate the system the way it has been run, with so many inconsistencies. No law is perfect, which is why provisions for amendments exist. As we move forward, we can make the necessary adjustments, and in doing so, we strengthen our institutions,” he said.
Smatt-Oyerinde noted that the tax reforms are intended to create a more conducive and productive business environment for the private sector, stimulate investment, and generate employment, which he said would help address the root causes of insecurity in the country.
He added that the strong opposition to the reforms was itself an indication that vested interests were resisting changes necessary for Nigeria’s economic growth.
“I have never seen a regulation or legislation that has attracted this level of engagement and antagonism. It is perhaps the most organised form of chaos we have witnessed. Nevertheless, the committee has worked tirelessly, engaging stakeholders across the country. The controversy intensified only recently with allegations that the gazetted version differed from what was passed by the National Assembly,” he said.
Smatt-Oyerinde urged that the tax legislation be allowed to take effect seamlessly, stressing that its successful implementation would be in the best interest of the nation.
