{"id":32149,"date":"2025-11-27T16:44:04","date_gmt":"2025-11-27T16:44:04","guid":{"rendered":"https:\/\/newsroom247.com.ng\/?p=32149"},"modified":"2025-11-27T16:44:04","modified_gmt":"2025-11-27T16:44:04","slug":"dopf-lecture-series-new-tax-law-will-reduce-nigerias-overdependence-on-oil-revenue-university-don","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=32149","title":{"rendered":"DOPF Lecture Series: New Tax Law Will Reduce Nigeria\u2019s overdependence on oil revenue – University Don"},"content":{"rendered":"
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A University don, Dr. Ochuko Emudainohwo, has hailed the 2025 tax law as a strategic blueprint for inclusive economic growth, capable of repositioning Nigeria for a more diversified and resilient economic future.<\/p>\n

He called on stakeholders\u2014businesses, policymakers, and citizens alike\u2014to embrace the reform and contribute to a more accountable and sustainable fiscal environment for the overall development of the country.<\/p>\n

Dr. Emudainohwo, FCA, an Associate Professor of Accounting at Dennis Osadebay University, Asaba, who was a Guest Speaker at the Delta Online Publishers Forum (DOPF) 2025 Lecture Series held in Asaba with the theme \u201cNigeria’s New Tax Law: Implications and Opportunities for Businesses and Society,\u201d unpacked the rationale, structure, and benefits of the recently enacted 2025 tax law under President Bola Ahmed Tinubu\u2019s administration.<\/p>\n

He noted that taxation remains one of the strongest instruments for national development. According to him, to understand the essence of the new tax law, citizens must first appreciate the context in which it was introduced.<\/p>\n

He outlined several key factors that necessitated the reform, including Nigeria\u2019s declining oil revenue capacity, which has become increasingly insufficient to sustain national development; a rising population that continues to exert pressure on public services; and lingering economic shocks from the COVID-19 pandemic, which exposed the fragility of the nation\u2019s revenue system.<\/p>\n

These challenges, he stressed, compelled the federal government to rethink its fiscal strategy and pursue a more sustainable and inclusive approach to revenue generation.<\/p>\n

At the heart of the 2025 tax law, he noted, is the objective of reducing Nigeria\u2019s overdependence on oil revenue.<\/p>\n

Dr. Emudainohwo explained that the new framework consolidates income taxes and company taxes into a single tax net, streamlining compliance and reducing administrative bottlenecks.<\/p>\n

He described the reform as \u201cpro-people,\u201d emphasizing that it was designed not only to boost government revenue but also to stimulate economic growth across various sectors.<\/p>\n

\u201cThe law supports Small and Medium-Scale Enterprises (SMEs). Companies with an annual turnover of less than N50 million are now exempted from capital-based taxes and company income taxes,\u201d he stated.<\/p>\n

This exemption, he argued, will ease the burden on small businesses, encourage entrepreneurship, and promote innovation.<\/p>\n

Furthermore, Dr. Emudainohwo highlighted the law\u2019s emphasis on transparency and modernization. By strengthening digital tax platforms, the new legislation enhances accountability, improves efficiency, and minimizes leakages within the revenue system.<\/p><\/div>\n<\/div>\n<\/div>\n