As President Bola Tinubu finally signed the four tax reform bills into law yesterday, the Manufacturers Association of Nigeria (MAN) has commended his courage for overcoming the controversies that surrounded the bills. Director-General of MAN, Mr Segun Ajayi-Kadir, made this known in his reaction to President Tinubu’s assent to the bills.

He stated that the new tax law aimed at restructuring, streamlining and establishing unified tax processes in the country. Ajayi-Kadir described the development as a bold decision taken by the government, saying they are meant to cushion the plight of the common man and promote businesses in Nigeria.

According to him, manufacturers paid over N578.39 billion and N626.42 billion in local Non-Import VAT and CIT respectively in 2023.

He said he was delighted that the new tax laws would bring succour to the country’s tax industry with Nigerians paying the exact tax.

In particular, the MAN DG reiterated that the new laws were meant to rescue the country’s manufacturing sector from its past glory, especially in the areas of payment of 60- 120 different taxes, levies and fees to the tiers of government, which is costing manufacturers’ N1.4 trillion.

Ajayi-Kadir said: “In 2024, the sector recorded a market value of N37.49 trillion, representing 13.9 per cent of the country’s market size and accounting for 8.64 per cent of real GDP.”