Chairman of Nigeria’s Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged young entrepreneurs to embrace proper record-keeping as a vital step toward benefiting from ongoing tax reforms.
Gatekeepers News reports that Oyedele spoke on Wednesday in Abuja at the closing ceremony of the seventh phase of the MTN Foundation ICT and Business Skills Training programme, which inducted nearly 6,000 young Nigerians into its alumni network of tech-enabled entrepreneurs.
The tax reform advocate, who was nominated on Tuesday to replace Dr. Doris Anite-Uzoka as Minister of State for Finance, said Nigeria is undergoing significant fiscal transformation aimed at simplifying the tax system and making it more supportive of small businesses.
He noted that for years, the country’s tax framework was complex and fragmented, discouraging many small business owners from formalising their operations.
“The new tax reforms are not about collecting taxes to burden you. They are designed to support small businesses, protect informal enterprises, and create an environment where entrepreneurs can grow, innovate, and sustain their businesses,” Oyedele said.
He explained that under the reforms, small businesses registered with the Corporate Tax Commission and earning less than N100 million annually, with assets not exceeding N250 million, qualify for a zero percent corporate tax rate.
Informal businesses earning below N12 million annually are fully exempt from company income tax, while those above the threshold will pay just one percent of their turnover.
Oyedele added that small businesses with annual turnover of up to N100 million are exempt from charging Value Added Tax (VAT), whether registered or not.
“These measures are designed to protect small businesses from unnecessary burdens and ensure fairness. The goal is to allow informal and micro businesses to formalise without fear, and to give them a predictable system that encourages growth,” he said.
Highlighting progress across the country, Oyedele disclosed that 13 states have enacted the new tax harmonisation law, with several others nearing approval.
“These states now have legal frameworks that eliminate nuisance taxes and ensure that any tax due can be paid easily via mobile or bank transfer, reducing harassment and ensuring compliance is straightforward,” he said.
He stressed that maintaining accurate records is central to unlocking the benefits of the reforms.
“One factor links all of this together; records. In today’s economy, data is credibility. Businesses that keep proper records can benefit from tax incentives, win government contracts, access credit, and grow sustainably. Without records, your business will struggle to reach the next level,” he stated.
Oyedele advised entrepreneurs to leverage digital tools such as accounting software, payment platforms and inventory management systems to track transactions efficiently. He emphasised that creativity alone is insufficient for business success without discipline and structured management.
“Formalisation now provides access to credit, legal protection, government support, market expansion, and export opportunities. Those who formalise and maintain proper records will enjoy more incentives and a stronger position for growth,” he added.
Earlier, Director of the MTN Foundation, Mallam Surajudeen Yakubu, encouraged the graduates to view the training as a foundation for long-term success.
“Each of you came here with a spark, an idea, a dream. Today, you have the skills, digital tools, and confidence to turn that dream into reality. You are not defined by the challenges around you but by your courage to push beyond limits,” Yakubu said.
The ceremony featured the presentation of equipment grants to 600 entrepreneurs to help scale their operations and generate employment in their communities.
Since its inception, more than 15,000 young Nigerians have benefited from the MTN Foundation ICT and Business Skills Training programme, aimed at equipping the next generation of tech-driven entrepreneurs with the tools needed to thrive in a changing economy.
