My people, na so e be! Nigerian economy don dey face new wahala as new tax reforms don land this January. Dem economic watchers dey talk say the informal nature wey many small businesses carry fit cause serious gbege for implementation of dis tax matter. Na wetin happen for latest Economic Summit wey dem hold for Lagos, organized by Redeemed Christian Church of God.
Make we sabi some gist:
According to Moniepoint Informal Economy Report wey drop for 2025, over 39 million Micro, Small and Medium Enterprises dey operate for Naija, and dem dey contribute 50% to GDP! But na only small, informal wey dem dey, so e no easy to fit tax dem well.
Dr Muda Yusuf, wey be CEO of Centre for Promotion of Private Enterprises, talk say dis new tax scheme fit look elitist wey no sabi wetin dey happen for market level. E dey complain say the reforms no consider the plenty poor literacy wey dey. ”Ginger no dey w34k just like that oh!” dem think say people go just jump in with excitement. But wey don already dey feel fatigue from past reforms like fuel subsidy wahala.
Another ogbonge economist, Bismarck Rewane, come use food to explain am, he say if you chop too many jollof and eba at once, you go feel sickness! Na so dem reform wey plenty dey tire us, we need to pace dem well before we go get indigestion.”
But as wahala dey, KPMG Tax Partner, Elizabeth Olaghere don talk say dem don get the informal sector for mind too with new tax framework wey dem dey call presumptive tax regime. Dis one go make am easy for small business to file tax without wahala be say dem no go need formal financial statements for am. Na way to bring dem inside tax net.
She go add say, “Dis presumptive tax system go dey simplified, e go allow dem operate without wahala wey dey come from proper financial records.” But e no complete without saying wey loading go land on final customers. As the businesses dey pay tax, e fit make dem increase price for goods wey dem dey sell, and that one fit vex many people.
For closing, Pastor Ben Akabueze talk say we gatz dey careful with these reforms so that dem go achieve wetin dem be supposed to achieve. He remind us say, ‘good intentions no go fix problem, we gatz ensure say we no just dey dey reform for the sake of reform, but for beta living for Nigerian people.’
This tax matter dey serious and dem don start to dey run the reforms. Na wetin dem go achieve dey important, we gatz follow and see as e go unfold. My people, stay tuned for more jollof updates as we dey carry dis matter go!
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