By Our Reporter
An Associate Professor of Accounting , Ochuko Emudainohwo, FCA, says the core objective of the 2025 tax law is to reduce Nigeria’s over dependence on oil revenue.
Dr.Emudainohwo, Guest Speaker at the Delta Online Publishers Forum (DOPF) 2025 Lecture Series held in Asaba, said the new tax law would impact significantly on the local economy.
The lecturer with the Dennis Osadebay University, Asaba, who spoke on the theme “Nigeria’s New Tax Law: Implications and Opportunities for Businesses and Society,” highlighted the essence, structure and benefits of the recently enacted 2025 tax law under President Bola Ahmed Tinubu’s administration.
Dr .Emudainohwo described the taxation regime as ” a strategic blueprint for inclusive economic growth, capable of repositioning Nigeria for a more diversified and resilient economic future”
He called on “stakeholders—businesses, policymakers, and citizens to embrace the reform and contribute to a more accountable and sustainable fiscal environment for the overall development of the country”
According to Dr Emudainohwo “taxation remains one of the strongest instruments for national development”
The university don outlined several key factors that necessitated the reform, including Nigeria’s declining oil revenue capacity, which has become increasingly insufficient to sustain national development; a rising population that continues to exert pressure on public services; and lingering economic setbacks from the COVID-19 pandemic, which exposed the fragility of the nation’s revenue system.
These challenges, he emphasized “compelled the federal government to rethink its fiscal strategy and pursue a more sustainable and inclusive approach to revenue generation”
Dr. Emudainohwo explained that the new framework consolidates income taxes and company taxes into a single tax net, streamlining compliance and reducing administrative bottlenecks.
He described the reform as “pro-people,” noting that it was designed not only to boost government revenue but also to stimulate economic growth across various sectors.
Dr Emudainohwo said “the law supports Small and Medium-Scale Enterprises (SMEs)” while companies with an annual turnover of less than N50 million are now exempted from capital-based taxes and company income taxes,”
This exemption, he argued, will ease the burden on small businesses, encourage entrepreneurship and promote innovation.
Dr. Emudainohwo stated that the new tax law would promote transparency and modernization, enhance accountability and efficiency, minimizing leakages within the revenue system.
