FG Suspends Tax Law Guidelines Amid Uncertainties

The federal government has put a stop to the issuance of guidelines related to the implementation of the newly enacted tax laws, citing uncertainties concerning the final versions. Taiwo Oyedele, the Chairman of the Presidential Tax Reform Committee, made this disclosure.

He mentioned that he instructed the Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) to hold off, as the guidelines for these tax laws cannot be released just yet.

Oyedele addressed this issue in Lagos, where he was responding to inquiries after delivering a keynote address at the 2026 Economic Outlook event organized by the Institute of Chartered Accountants of Nigeria (ICAN) under the theme ‘ICAN@60: Accountability as the Bedrock for National Development.’

He explained that his directive was due to concerns about the authenticity of the documents currently circulating, stating that he asked his team to purchase a printed copy of the law from the official government printer to ensure they possess the final version.

His team’s feedback indicated that the National Assembly had retained custody of all printed copies of the tax laws and had ordered that these not be sold or distributed until lawmakers complete their review process.

Attempts by Daily Trust to reach the Senate’s spokesperson, Senator Yemi Adaramodu (APC, Ekiti South), for a comment on the matter were unsuccessful as he did not respond to calls or messages.

Further, calls made to the spokesperson of the House of Representatives, Akin Rotimi, also went unanswered last night.

Although Oyedele acknowledged that legislative reviews are a standard part of the lawmaking process, he pointed out that this limitation on public access has reintroduced uncertainty in the tax reform process.

He stated: “According to the Acts Authentication Act, anything published by the government printer serves as the evidence of the law that was passed. Yet, lawmakers stated that what was published is not what they had actually passed; therefore, they intend to release their own gazette version.”

“The lawmakers set up their committee and conducted their review, producing their gazettes. They did provide me with a copy, but that’s not what the Acts Authentication Act stipulates,” he remarked.

“To clarify, I dispatched my staff to the government printer to obtain a copy. However, they informed me last week that it was not ready yet and instructed us to wait.

“I have also communicated to everyone involved, including the NRS and the JRB, to hold off as we are unable to issue guidelines at this time.

“We are not entirely sure if this is the final official version. This morning, I instructed my staff to return to the printer and follow up daily. They were told by the printer that the National Assembly collected all the printed materials and ordered that they should not be sold to anyone until their review process is complete, which has reintroduced uncertainty again.”

The alterations to several laws — including the National Revenue Service (Establishment) Act, the Joint Revenue Board of Nigeria (Establishment) Act, the Nigeria Tax Administration Act, and the Nigeria Tax Act — which came into effect on January 1, faced criticism due to alleged discrepancies between the gazetted versions and those passed by the National Assembly.

During the House of Representatives' session in December, Abdussamad Dasuki (PDP, Sokoto) raised a matter of privilege, claiming inconsistencies between the tax laws that were approved by the National Assembly and the versions that were gazetted and made available to the public.

He stated that after dedicating three days to reviewing the gazetted copies alongside the Votes and Proceedings of the House and the harmonised version approved by both chambers, he discovered discrepancies.

Following these discussions, the House established a seven-member committee to investigate the claims and report back within a week, a timeframe that concluded on December 25.

On January 3, the legislature released Certified True Copies (CTCs) of the tax laws as they were originally passed by both chambers prior to being forwarded for presidential approval.

Comparative analysis of the CTCs with the initial “altered” gazetted versions revealed that the discrepancies had been rectified, with the National Assembly endorsing the versions they passed and disavowing the controversial gazetted copies that had ignited public concern.

In response to the allegations about changes to the tax laws, Oyedele minimized the significance of any alterations, asserting that they should not disrupt the fundamental aspects of the tax laws.

He commented: “In other words, the explanations we have provided regarding the law indicate that the supposed alterations have little impact.”

He specified, “There are limited items that won’t alter the essentials that matter to the public, including aspects concerning tax rates, burdens, and filing deadlines.”

Furthermore, Oyedele expressed his alarm at the strong opposition to the tax reforms, notably the dissemination of misinformation intended to undermine them. He claimed that individuals were being compensated to stage protests against the report, sharing that some had been offered N30 million for protests, which led to disagreements within their ranks.

Oyedele recounted that misinformation had caused a staggering loss of N4.6 trillion in the Nigerian stock market within a single day back in November 2025.

“The new tax regulations only exempt individuals whose sales do not exceed 150 million Naira annually. Why then, are people panicking with sales of just 1 million Naira? This misinformation has grave consequences, as that false narrative has resulted in real financial losses for people, including those whose pensions are managed by PFAs,” he warned.

In his address, Oyedele emphasized the importance of accountability as pivotal to bridging the gap between reform and achieving results.

He stated: “Your reforms may be excellent. I have yet to encounter any reform proposal in Nigeria that isn't commendable. We merely struggle with implementation. A significant contributor to failures in execution is inadequate accountability.”

He urged citizens and professionals alike to foster trust and pursue knowledge while demanding accountability.

“As trust increases, reforms become more manageable, resistance decreases, and outcomes improve. We need to prioritize knowledge as well,” he added.

During a panel session, Dr. Chinyere Almona, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), encouraged inter-agency cooperation during the implementation of the tax reforms to ensure the intended results are achieved.

She highlighted that conflicts often arise within the policy execution framework and advocated for incorporating technology and a centralized system for monitoring the implementation process.

Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), also spoke, advocating for policy execution that fosters inclusive growth without compromising competitiveness. He noted that the manufacturing sector’s contribution to GDP remains below 10 percent, lamenting numerous challenges that afflict the sector.

He raised concern over what he described as a significant increase in unsold inventory, currently estimated to stand at N2 trillion across the sector.

Earlier, session chair Mohammed Hayatudeen observed that Nigeria is entering 2026 at a critical juncture. He mentioned that after the turbulence of the 2023–2024 reform period, the economy is showing signs of stability, with moderated inflation, a stabilised exchange rate, and strengthened external revenue.

Nevertheless, he expressed concern over the persistently high poverty levels within the country and called for the effective implementation of the tax reform laws to achieve positive outcomes.

Hayatudeen remarked: “This raises important questions for both practitioners and policymakers. Will ambitious tax policies be accompanied by the necessary capacity in tax administration and compliance? Revenue generation relies on systems, capabilities, and professionals, not merely laws. The execution of these reforms will test institutions in terms of their resilience and effectiveness.”

In his opening remarks, ICAN President Mallam Haruna Nma Yahaya stated that accountability is fundamental to Nigeria's economic stability and its long- term development amidst ongoing reforms and a fragile recovery.

He described the 2026 ICAN Economic Outlook as a deliberate forum for linking professional responsibilities with national growth.

Yahaya indicated that Nigeria’s economy began showing signs of stabilization in 2025, with real GDP growth surpassing 4 percent in the second quarter, thanks to improvements in manufacturing, trade, and services.

He noted that inflation had moderated towards the mid-14 percent range by the end of the year, reflecting tightened monetary policy and enhanced supply conditions, with projections for further moderation in 2026 provided fiscal discipline is maintained.

Also, he reported strengthening of external buffers, with foreign exchange reserves reaching multi-year highs, aided by increased exports and reforms in the foreign exchange market. He pointed out that trade and current account balances returned to surplus while private-sector activity improved, with the Purchasing Managers’ Index (PMI) reaching 57.6 points, signifying robust expansion and heightened business confidence.

Despite these advancements, Yahaya cautioned that the progress remains fragile and could be derailed without discipline, transparency, and robust institutions.

“Accountability is not just a governance ideal; it is an economic necessity,” he asserted, emphasizing that ineffective law enforcement, corruption, and a lack of consequences for misconduct continue to diminish public confidence and hinder economic transformation.

He referenced global evidence demonstrating that nations with strong institutions and transparent frameworks outpace those with weaker governance structures economically.

The ICAN president encouraged participants to transition from mere diagnosis to proposing actionable solutions aimed at strengthening institutions and enhancing governance outcomes.

He expressed hope that the impact of ICAN in the next few years would exceed its accomplishments over the previous sixty years, urging members and stakeholders to stay dedicated to accountability as a catalyst for national development.