Chairman of Nigeria’s Presidential Committee on Fiscal Policy and Tax Reforms, Prof. Taiwo Oyedele, has urged young entrepreneurs to prioritise record-keeping, describing it as the gateway to benefiting fully from Nigeria’s evolving tax reforms and gaining access to finance.
Oyedele spoke on Wednesday at the closing ceremony of the 7th phase of the MTN Foundation ICT and Business Skills Training in Abuja, where 5,980 young Nigerians were admitted into the programme’s alumni network of tech-enabled entrepreneurs. His message came a day after President Bola Tinubu nominated him as Minister of State for Finance, replacing Dr. Doris Uzoka-Anite, who is expected to move to the Ministry of Budget and National Planning, subject to Senate confirmation.
He said Nigeria is in the middle of a fiscal and economic restructuring designed to make taxes simpler, fairer and more supportive of small businesses. For years, he noted, complexity and fragmentation discouraged small business owners from formalising not because they rejected compliance, but because the system was difficult to navigate.
“The new tax reforms are not about collecting taxes to burden you. They are designed to support small businesses, protect informal enterprises and create an environment where entrepreneurs can grow, innovate and sustain their businesses,” Oyedele said.
Under the reforms, he explained, small companies that register and operate below specified thresholds can enjoy significant reliefs. Businesses with annual turnover below ₦100 million and assets not exceeding ₦250 million qualify for a 0% corporate tax rate. Informal businesses earning below ₦12 million annually are exempt from company income tax, while those above that line would pay 1% of turnover. He also said businesses with turnover up to ₦100 million are exempt from charging VAT on goods and services.
Oyedele added that implementation is advancing at subnational level through a tax harmonisation push. He said 13 states have enacted the new harmonisation law, with others nearing approval, aimed at eliminating “nuisance” taxes and enabling easier payment channels such as mobile and bank transfers to reduce harassment and improve compliance.
But he stressed that entrepreneurs can only prove eligibility for incentives and build credibility with banks, investors and government if they keep clean records.
“One factor links all of this together; records. In today’s economy, data is credibility. Businesses that keep proper records can benefit from tax incentives, win government contracts, access credit, and grow sustainably. Without records, your business will struggle to reach the next level,” he said, urging graduates to adopt digital tools like accounting software, payment platforms and inventory systems.
