The Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, says President Bola Tinubu’s tax and economic reforms are creating new business, investment and agricultural opportunities for young Nigerians.
Speaking at the Oyo State Emerging Political Leaders Summit 2026 in Ibadan, Adedeji said the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act had reduced the tax burden on small businesses. He explained that companies earning less than N100 million annually would not pay company income tax, value-added tax or withholding tax.
Represented by NRS Manager AbdulRahamon AbdulLateef, Adedeji said the reforms also provided VAT refunds for eligible institutions, tax exemptions for farmers and a 100 per cent capital allowance for agricultural businesses.
He added that Nigeria’s stock market had created more than 700 billionaires between 2023 and 2026, while federal allocations to states and local governments increased from about N700 billion monthly before 2023 to N2.5 trillion in June and N3 trillion in July 2026.
Adedeji said NRS revenue reached N28 trillion in 2024 and was projected to rise to N40 trillion in 2025. He urged young Nigerians to use the service’s digital platforms to understand the reforms and explore emerging opportunities.
The Summit’s convener, Wale Ajani, also proposed a “50 Below 50” arrangement ahead of the 2027 general elections, under which people aged 50 and below would receive half of political positions, with the remainder allocated to those above 50.