The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has called on President Bola Tinubu to reduce corporate taxes to 19% and peg Value Added Tax (VAT) at 7.5%.

The NACCIMA President, Dele Kelvin Oye, in a statement, said the reduction of corporate and value-added taxes will foster economic growth and enhance government revenue.

“We believe corporate taxes should be further reduced to 19% and VAT pegged at 7.5%. We believe this will grow the economy and result in higher tax revenues for the government. As a caveat to protect government revenues, each taxpayer must not pay less than the preceding tax year,” he said.

The current Tax Reform Bills before the National Assembly propose a progressive increase in VAT rates from 10% in 2025 to 12.5% (2026–2029) and 15% from 2030 onward.

Oye lamented the ongoing disconnect between federal and state governments, which has manifested through public disagreements over revenue sharing.

He noted that these engagements often played out in the media, overlooking the fundamental interests of taxpayers and the public.

“The current media engagement between federal and state governments in newspaper and press releases only further confirms the disconnect described above.

“The beneficiary parties receiving taxpayer funds engage each other on how to secure a larger portion of taxpayer funds without consideration for the public or taxpayer interest,” the president stated.

Oye emphasised that sectors like telecommunications, which contribute significantly to government revenues, require targeted reforms to unlock further growth and revenue potential.

He also called for greater inclusion of the private sector in tax reform discussions with stakeholders in areas such as aviation, telecommunications, manufacturers, and operators in free trade zones.

Oye faulted the existing approach of using committees that “lecture taxpayers” without yielding positive outcomes.