By Muhammad Mamman
The President of the Chartered Institute of Taxation of Nigeria (CITN), Innocent Ohagwa, has assured the public that the country’s new tax reform is designed to support low-income earners rather than burden them.
Speaking on Saturday at the investiture of the seventh chairman of the CITN Ilorin and District Society, as well as the inauguration of its executive committee, Mr Ohagwa said fears surrounding the new tax law were misplaced. He explained that the reform aims to ease the financial load on small and medium-sized businesses.
“For instance, if you run a small company with an annual turnover of up to ₦100 million or assets worth ₦250 million, you’ll be exempt from paying tax,” he said. “However, you must still file returns, as authorities can only determine your eligibility through those filings.”
Mr Ohagwa highlighted various incentives built into the reform and called on Nigerians to play their part by fulfilling their tax obligations. He stressed that exemption from tax payments does not remove the need for a Tax Identification Number (TIN), which is essential when a business eventually grows beyond the exempted threshold.
“As a tax professional, I can confidently say this is the most effective reform I’ve encountered in my career,” he added.
He also reaffirmed the Institute’s commitment to advocacy, promising continued engagement through its various district societies and bodies.
The newly installed chairman, Taofiq Alabi, pledged to work closely with key stakeholders to educate the public and counter misinformation about the reform.
“We’ll partner with the state government and business community, including the Kwara Chamber of Commerce, Industry, Mines and Agriculture, to raise awareness,” Mr Alabi said. “There’s a lot of false information out there, especially at the grassroots. We need to reach those communities — including market women — and explain what the reform truly entails.”
Guest speaker Chimenka Nzeribe stressed the importance of tax harmonisation, warning that multiple taxation has deterred investment and harmed Nigeria’s economic growth.
Meanwhile, Kwara State’s Finance Commissioner, Hauwa Nuru, said the new leadership must see their roles as a call to higher service. She urged them to promote professional development, transparent tax policies, and collaboration with both government and private institutions to improve compliance and boost revenue collection.
