As Nigeria stands on the cusp of significant economic transformation, the Lagos Chamber of Commerce and Industry (LCCI) has unveiled a groundbreaking approach to tax reform that could reshape the nation's fiscal landscape.

In a comprehensive review of 2025's economic performance, LCCI President Leye Kupoluyi highlighted the pivotal Tax Reform Act signed in June 2025, which consolidates multiple tax laws into a unified framework set to take effect on January 1, 2026.

The reform aims to simplify tax compliance, reduce burdens on productive enterprises, and strategically broaden the tax base without impeding economic growth. Crucially, the LCCI emphasized that the new system will be based on self-declaration, dispelling fears of automatic bank account deductions.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, firmly confirmed this approach in a recent television interview. 'Nobody will debit your account for any amount you transfer,' Oyedele stated, 'Whether it's N1bn or N1,000, at the end of the year, you tell the government yourself.'

The past year has been marked by challenging economic reforms, including fuel subsidy removal and foreign exchange liberalization. While these measures imposed short-term difficulties on households and businesses, the LCCI argues they have laid critical groundwork for restoring macroeconomic credibility and rebuilding investor confidence.

Economic indicators show modest progress, with GDP growing 3.98% in the third quarter of 2025, predominantly driven by the services sector. A significant milestone was Nigeria's exit from the Financial Action Task Force grey list, which has already improved global capital access and attracted positive international ratings.

However, the LCCI also issued a measured warning. Despite growth, current economic expansion remains insufficient to substantially reduce poverty or meaningfully increase national incomes. The organization stressed the urgent need for more inclusive economic strategies.

The chamber also raised concerns about public finance, noting that total public debt reached approximately N152.39tn in June 2025, with debt servicing consuming over 65% of government revenue. This financial constraint severely limits infrastructure investment and social service funding.

As Nigeria enters 2026, the LCCI's comprehensive reform blueprint represents a beacon of hope—a strategic roadmap designed to transform economic challenges into opportunities for sustainable growth and widespread prosperity.