FG suspends issuance of tax laws guidelines, cites uncertainty

The Federal Government has suspended the release of guidelines for the implementation of the new tax laws, citing uncertainty over the authenticity of the final versions of the legislations, according to Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee.
Oyedele disclosed that he had instructed the Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) to halt any action, stressing that implementation guidelines cannot be issued amid doubts over the official status of the laws.

He spoke in Lagos on Wednesday while responding to questions after delivering a keynote address at the 2026 Economic Outlook organised by the Institute of Chartered Accountants of Nigeria (ICAN), with the theme ‘ICAN@60: Accountability as the Bedrock for National Development.’
According to Oyedele, concerns arose over whether the versions of the tax laws currently in circulation truly represent the final documents. This prompted him to direct his team to obtain printed copies directly from the government printer.
He explained that feedback from his staff revealed that the National Assembly had taken custody of all printed copies of the tax laws and instructed that they should not be sold or made available to the public until lawmakers completed their review.
Efforts by Daily Trust to obtain comments from the Senate spokesperson, Senator Yemi Adaramodu (APC, Ekiti South), were unsuccessful as calls and WhatsApp messages were not returned. Similarly, calls to the spokesperson of the House of Representatives, Akin Rotimi, did not connect as of last night.
While acknowledging that legislative review is a standard part of the lawmaking process, Oyedele noted that restricting access to the laws has reintroduced uncertainty into the tax reform process.
He said:
“The Acts Authentication Act states that whatever the government printer publishes is evidence of the law that was passed. The government printer published a version which we regarded as official, but lawmakers said it was not what they passed. They then decided to produce their own gazettes.
“They set up a committee, conducted their review and issued their own gazettes, and sent me a soft copy. But that is not what the Acts Authentication Act provides for.
“So, I sent my staff to the government printer to purchase the printed copy. As of last week, they were told it was not ready and that they should wait.
“Based on this, I instructed everyone, including the NRS and JRB, to also wait because we cannot issue guidelines.
“We are not completely certain that what is available represents the final official position. I told my staff again yesterday morning to return there daily, not to call, but to go and sit there.
“I received feedback while I was here that everything printed had been collected by the National Assembly, with instructions that nothing should be sold until their review is concluded. While this is commendable, it also creates renewed uncertainty.”
Few changes shouldn’t affect tax laws – FG
The tax laws — the National Revenue Service (Establishment) Act, the Joint Revenue Board of Nigeria (Establishment) Act, the Nigeria Tax Administration Act, and the Nigeria Tax Act — which took effect on January 1, attracted criticism following allegations that the gazetted versions differed from those passed by the National Assembly.
During a House of Representatives plenary in December, Abdussamad Dasuki (PDP, Sokoto) raised a matter of privilege, alleging discrepancies between the versions of the tax laws passed by lawmakers and those gazetted and released to the public.
Citing Order Six, Rule Two of the House Rules, Dasuki said his legislative privilege had been breached, insisting that the gazetted laws did not reflect what members debated, voted on, and approved.
He stated that after reviewing the gazetted copies alongside the Votes and Proceedings of the House and the harmonised versions adopted by both chambers, he discovered inconsistencies.
The House subsequently constituted a seven-member committee to investigate the allegations and submit a report within one week, which elapsed on December 25.
On January 3, the National Assembly released Certified True Copies (CTCs) of the approved versions of the tax laws as passed by both chambers and transmitted for presidential assent.
A comparison of the CTCs with the earlier gazetted versions showed that the discrepancies had been resolved, with the National Assembly affirming the versions it passed and distancing itself from the controversial gazetted copies that had generated public concern.
Few changes shouldn’t affect tax laws – Oyedele
Reacting to claims that the tax laws were altered, Oyedele downplayed the significance of any changes, saying they do not affect the core provisions of the laws.
“In essence, the explanation we have given about the law shows that the issue of alteration is not substantial. There are only a few items, and they do not affect the main concerns of the public — nothing about tax rates, tax burden, or filing deadlines.
“That is the best explanation I can give at this point,” he said.
‘Market lost N4.6trn in one day due to misinformation’
Oyedele also expressed concern over what he described as stiff opposition to the tax reforms, including the spread of misinformation aimed at undermining the process.
He alleged that some individuals were being paid to protest against the reforms.
“We have seen people who were paid to protest against this reform. A group was allegedly given N30 million to protest, but disagreements over sharing the money led some of them to approach the media and withdraw,” he said.
He further recounted how misinformation caused Nigerian stocks to lose about N4.6 trillion in a single day in November 2025.
“The new tax laws exempt individuals who sell up to N150 million annually. Why then are people selling assets worth N1 million in panic? That is the danger of misinformation. Fake news, unsupported by data, led to real losses, including for people whose pensions are managed by PFAs,” he said.
On the conference theme, Oyedele described accountability as the bridge between reform and results.
“Reform ideas in Nigeria are often brilliant, but execution is our weakness. One major reason execution fails is poor accountability,” he said.
He urged Nigerians and professionals to build trust, seek knowledge, and demand accountability.
“When trust increases, reforms become easier, resistance declines, and outcomes improve. We must also pursue knowledge,” he added.
Experts call for inter-agency collaboration
At the panel session, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, called for stronger inter-agency collaboration during the implementation of the tax reform laws to achieve desired outcomes.
She noted that conflicts often arise within policy execution frameworks and advocated the use of technology and a centralised system to monitor implementation.
Similarly, the Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, called for policies that promote inclusive growth without undermining competitiveness.
He noted that manufacturing contributes less than 10 per cent to GDP and expressed concern over challenges facing the sector, including unsold inventory estimated at N2 trillion.
Earlier, the session chairman, Mohammed Hayatudeen, said Nigeria was entering 2026 at a delicate but defining moment.
He noted that following the turbulence of the 2023–2024 reform cycle, the economy had stabilised, with moderated inflation, a stable exchange rate, and stronger external revenues.
However, he expressed concern over persistently high poverty levels and called for effective implementation of the tax reform laws to deliver favourable outcomes.
He said:
“This raises critical questions: Will ambition in tax policy be matched by capacity in tax administration and compliance? Laws alone do not generate revenue — capacity, systems, and professionals do. How these reforms are implemented will test the strength and effectiveness of our institutions.”
Accountability vital to economic stability – ICAN President
In his welcome address, ICAN President, Mallam Haruna Nma Yahaya, said accountability remains crucial to Nigeria’s economic stability and long-term development as the country navigates ongoing reforms.
He described the 2026 ICAN Economic Outlook as a platform designed to link professional responsibility with national development.
Yahaya noted that Nigeria’s economy showed signs of stabilisation in 2025, with real GDP growth exceeding four per cent in the second quarter, driven by improvements in manufacturing, trade, and services.
He added that inflation moderated to the mid-14 per cent range by year-end, supported by tighter monetary policy and improved supply conditions, with further easing expected in 2026 if fiscal discipline is sustained.
According to him, foreign exchange reserves rose to multi-year highs, trade and current account balances returned to surplus, and private-sector activity strengthened, with the Purchasing Managers’ Index reaching 57.6 points.
Despite these gains, Yahaya cautioned that progress remains fragile and could be reversed without transparency, discipline, and strong institutions.
“Accountability is not just a governance ideal; it is an economic necessity,” he said, warning that weak enforcement of laws and corruption continue to erode public trust and slow economic transformation.
He urged stakeholders to move beyond diagnosis and focus on practical solutions that strengthen institutions and governance outcomes, expressing optimism that ICAN’s future impact would surpass its achievements over the past 60 years.
Credit: Daily Trust