WIMBIZ 2025: Formalise your business to benefit from new tax reforms, Oyedele tells entrepreneurs

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerian entrepreneurs to formalise their businesses in order to benefit from the Federal Government’s ongoing tax reforms, which prioritise fairness and inclusivity for small enterprises and low-income earners.

 

Oyedele made the call during a panel session themed “The New Tax Law and You” at the 24th Annual Conference of the Women in Management, Business and Public Service (WIMBIZ), held in Lagos.

 

President Bola Tinubu had in June signed four tax reform Acts into law—two of which have taken effect, while the remaining two are expected to commence on January 1, 2026.

 

According to Oyedele, the government’s fiscal reforms are designed to reward compliance and create an enabling environment for businesses to grow before being subjected to taxation.

 

“We started the tax and fiscal reform with how people do business, how those businesses grow, and how finance is placed,” he explained. “You can’t knock on the door and say, ‘Tax me.’ Let’s first have a conversation on how to create a business that can pay corporate tax. So, the reforms are people-centric.”

 

He noted that under the new policy, small companies with an annual turnover of ₦100 million or less will pay zero per cent corporate income tax, adding that the Corporate Affairs Commission (CAC) has committed to registering 250,000 small businesses free of charge.

 

Oyedele also disclosed that the reforms aim to promote fairness in Value Added Tax (VAT) administration, with certain essential sectors to be fully exempted from VAT starting next year.

 

“From January 1, 2026, bottled water will be zero-rated for VAT. The same applies to food, education, and pharmaceutical and medical services,” he said.

 

He explained that the government’s decision to exempt these sectors was based on data showing that nearly 80 per cent of low-income households in Nigeria spend their entire earnings on food, education, health, rent, and transportation.

 

“If that’s how people spend their money, why don’t we remove taxes on those essential items?” Oyedele asked.

 

Women Must Step into Politics — Arunma Oteh

 

In her keynote address, Arunma Oteh, former Director-General of the Securities and Exchange Commission (SEC), challenged Nigerian women to play more active roles in politics, warning that continued exclusion from political leadership would leave women without a voice in shaping the nation’s future.

 

“Half of Nigeria’s population are women. Bringing women into the room is not only the right thing to do; it’s the smart thing to do,” Oteh said. “When female leaders are in charge, we make more collective progress on key issues that impact the world.”

 

Oteh expressed concern over Nigeria’s poor ranking in women’s political representation, noting that the country currently sits 143rd out of 144 nations.

 

“We don’t have a woman president, vice president, or senate president. We have only four female senators and sixteen women in the House of Representatives — that’s just 4.4 per cent,” she lamented.

 

She urged women to prepare early for the 2027 general elections and to ensure they register and collect their Permanent Voter Cards (PVCs).

 

“If you have a name, a BVN, or a passport, you still need a PVC. Refusing to vote because you’re disappointed is mortgaging your future,” she cautioned.

 

Oteh further called for collective action among women, emphasising that increased participation in leadership and governance is essential for national progress.

 

Okonjo-Iweala, Augie Advocate Growth and Self-Leadership

 

Delivering a goodwill message, the Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, said Nigeria must move its economy from stabilisation to growth to improve the lives of ordinary citizens, noting that women often bear the brunt of economic hardship.

 

“Supporting women in business and the professions has never been more important than now,” she said. “WIMBIZ has played a terrific role in this regard and will continue to do so.”

 

The Conference Chairperson, retired Supreme Court Justice Amina Augie, urged participants to view themselves as their own competition, challenging them to take ownership of their personal and professional growth.

 

Held under the theme “O.W.N – Own. Walk. Nurture.”, the annual WIMBIZ conference convened hundreds of women leaders, entrepreneurs, policymakers, and professionals from across Africa and beyond to explore pathways to inclusive growth, leadership, and empowerment.