The Chairman, House Committee on Youths in Parliament, Rep. Ayodeji Alao-Akala, has called for an urgent review of Nigeria’s tax laws to address contemporary fiscal challenges and support youth entrepreneurship.
Speaking at the National Youth Dialogue on Tax Reform Bills in Abuja, he emphasized that young people, particularly those in micro, small, and medium enterprises (MSMEs), are among the most affected by taxation policies.
The House of Representatives Speaker, Tajudeen Abbas, represented by Rep. Leke Abejide, assured youth groups that their input would be considered in the tax reform process, describing the bills as catalysts for economic growth.
Various youth organizations backed the proposed tax reforms, citing benefits such as company income tax reduction, tax exemptions for small businesses, and relief for low-income earners. However, concerns were raised about planned VAT increases, withdrawal of funding from key government agencies (TETFUND, NASENI, and NITDA), and new taxes on businesses in Free Trade Zones, which could hinder economic growth and job creation.
The Centre for African Policy Research Advisory and Project Sprint urged the government to ensure citizen involvement in tax policy implementation and suggested reducing VAT rates to support economic stability.
Overall, while the tax reforms are seen as a step toward economic transformation, stakeholders stressed the need for balanced policies that promote entrepreneurship, investment, and sustainable development without placing undue burdens on young Nigerians.
