The Ogun State Internal Revenue Service has urged the public to rely on facts about the Tax Reform Acts 2025 rather than speculation, as it reassured taxpayers about the implications of the new laws.

The Executive Chairman of OGIRS, Olugbenga Olaleye, represented by the Coordinating Director of OGIRS, Taiwo Ogundimu, assured the public that the new tax laws improved on the former tax laws during a public lecture on tax reforms held at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State.

According to a statement, Olaleye’s lecture provided “clarification to build trust and reassure taxpayers with facts rather than speculations.”

President Bola Tinubu signed four major tax reform laws in June 2025, including the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act. Olaleye described them as the most ambitious overhaul of Nigeria’s fiscal framework in decades.

The maiden public lecture, themed ‘Nigerian Tax Reforms Acts 2025: Focus on Personal Income Taxation’, took place at the Otunba Gbenga Daniel Hall, Department of Accounting, OOU.

The OGIRS chairman noted that the reforms aim to simplify tax laws, expand the tax base, and modernise compliance, while promoting transparency and fairness in the tax system.

He said, “These reforms marked the most ambitious overhaul of Nigeria’s fiscal framework in decades, aiming to simplify tax laws, expand the tax base as well as modernise compliance, promising a more transparent and equitable tax environment.”

Olaleye added that the new tax laws were designed to align tax policy with administrative efficiency and improved compliance, noting that they also provide targeted reliefs for low- and middle-income earners.

“The Tax Reform Acts 2025 marked a turning point for Nigeria’s tax policy, with a clearer, more progressive personal income tax system,” he added.

Meanwhile, the Vice-Chancellor of OOU, Prof. Ayodeji Agboola, commended the organisers of the lecture, noting that the institution had fully digitalised its operations. He encouraged participants to actively engage in discussions to deepen their understanding of taxation and public policy.

Also speaking, the Dean of the Faculty of Management Sciences, Prof Muse Solanke, described the event as a significant milestone, saying it would help address fears and misconceptions surrounding the new tax laws.

In his presentation, the guest speaker and Managing Director/Chief Executive Officer of Integrated Consultancy Management and Accountancy Professional Services, Lukman Buari, said the new tax reforms emerged in response to what he described as a previously broken tax system.

Buari explained that the reforms were designed to simplify taxation in Nigeria and correct long-standing inefficiencies. He stressed that not all income is taxable, listing loans, transfers, and reimbursements among exempt items.

He advised taxpayers to understand their rights, keep simple records, and avoid misconceptions about taxation. “Taxpayers must know their rights, keep simple records, not rely on misconceptions and, most importantly, be awake to their civic responsibilities,” Buari remarked.