New tax laws aimed at empowering SMEs - Tegbe

Joseph Olasunkanmi Tegbe, the Director-General and Global Liaison of the Nigeria-China Strategic Partnership (NCSP), has characterized the nation’s recently enacted tax framework as a cornerstone of fiscal transformation aimed at empowering ordinary Nigerians and small business owners.

Speaking at the BusinessDay Tax Reform Conference 2026, Tegbe, who also chairs the National Tax Policy Implementation Committee (NTPIC), addressed the theme “Navigating the New Tax Regime: What It Means for Your Wallet.”

During the session, Tegbe highlighted that the reforms represent the most significant restructuring of the Nigerian fiscal system in decades.

He noted that the primary objective is to create a system that is fundamentally simpler and fairer, moving away from complex, burdensome structures toward a model that actively supports economic growth.

Tegbe detailed key measures such as income tax exemptions for low-income earners and rent relief for workers, which are designed to improve household liquidity. For the entrepreneurial sector, the framework offers company income tax exemptions specifically for small businesses, a move Tegbe says is essential for fostering a predictable and encouraging environment for local enterprise.

Tegbe, an expert technocrat and former Senior Partner at KPMG, emphasized that the ultimate value of the reform lies in building trust between the government and the governed.

He asserted that the focus of the current administration has moved past the legislative phase and is now centered on the discipline of execution.

"The laws have now been enacted," Tegbe stated, emphasizing that the focus is now on ensuring that the implementation is both effective and transparent.

He concluded by reiterating that only through rigorous application will these fiscal changes translate into the tangible economic benefits and improved public finance management promised to the Nigerian people and the broader business community.