Minister of Finance, Prof. Taiwo Oyewole, made the appeal on Friday during a Tax Reform Forum and Conference held at Covenant University, Ota, Ogun State.
Represented by Mr Michael Olarinde, Special Adviser on Tax Policy to the Executive Chairman of the Nigeria Revenue Service (NRS), the minister said the reforms were designed to create a more equitable and efficient tax system capable of supporting long-term economic prosperity.
The two-day conference, themed “Tax Policy in a Green Future: Socio-Economic Implications for Developing Countries,” was organised by Covenant University in partnership with the Ota Parapo Chamber of Commerce, Industry, Mines and Agriculture.
According to Oyewole, the reform agenda aligns with President Bola Tinubu’s vision of establishing a transparent and growth-oriented tax framework that promotes wealth creation without placing undue burdens on vulnerable citizens.
He noted that the new tax regime seeks to ensure that government policies encourage productivity and investment while expanding revenue generation for national development.
“The 2025 Tax Reform Acts represent a significant shift towards a fairer and more effective tax system that safeguards vulnerable groups, supports businesses, and provides government with the resources needed to drive economic growth,” he said.
The minister explained that the reforms are anchored on key principles including simplification of tax processes, harmonisation of tax laws, taxpayer-centred administration, data-driven policymaking, modern tax management, and global competitiveness.
He further disclosed that various tax laws and related provisions have now been consolidated into four major legislative frameworks: the Nigeria Tax Act, the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Administration Act, and the Joint Revenue Board Act.
In his remarks, the Vice-Chancellor of Covenant University, Prof. Timothy Anake, described the conference as timely, stressing the need for Nigeria’s tax policies to support the transition to a green economy.
He observed that the country's heavy dependence on oil and gas revenues had weakened its fiscal resilience over the years and called for deliberate policies to unlock opportunities within the green economy.
Anake noted that many African nations were yet to fully harness the economic potential of environmentally sustainable industries and urged policymakers to take proactive steps in that direction.
He also emphasised stronger collaboration between academic institutions and industry stakeholders to ensure that policy reforms translate into tangible benefits at the community level.
Delivering the keynote address, Mr Olugbenga Olaleye said the ongoing tax reforms were expected to modernise Nigeria’s tax administration, improve compliance, and align the system with international best practices.
He argued that prior to the reforms, Nigeria faced significant economic challenges, including trade deficits, multiple exchange-rate windows, and a widening gap between official and parallel market rates.
According to him, recent policy adjustments have contributed to improvements in trade balances, the balance of payments position, and exchange-rate management.
Also speaking during a panel session, Dr Femi Egbesola, Chief Executive Officer of Visions Concepts Limited, said the reforms were designed to support economic sustainability rather than burden taxpayers.
Egbesola stressed the importance of public enlightenment, particularly within the informal sector, which he said accounts for more than 98 per cent of economic participants.
He maintained that effective education and awareness campaigns would be crucial to achieving the objectives of the reforms and promoting a sustainable green economy.
“Knowledge and education remain essential for the successful implementation of any policy, especially tax reforms aimed at driving national development and environmental sustainability,” he said.
