The chamber said a temporary relief period would help businesses transition more smoothly into the new framework without facing additional financial pressure.

Speaking in Abuja, Dr. Aliyu Hong, chairman of the National Policy Advocacy Centre (NPAC) of ACCI, advocated a one to two-year grace period on penalties associated with the new tax laws to allow businesses adequately adapt to the compliance process.

Hong advocated a one or two-year grace period on penalties linked to the new tax laws to allow business owners adjust to compliance procedures.

According to him, business owners require time to adapt to Nigeria’s new tax laws and online filing systems.

“Online tax submission platforms should be properly tested and widely understood before enforcement of penalties for non-compliance.

“So government should allow a one or two-year moratorium on penalties as taxpayers are still learning the new tax system.

“Government should also prioritise building reliable online tax infrastructure before enforcing strict compliance measures.

“Therefore, penalties should only begin after the infrastructure becomes stable, tested and widely understood by taxpayers,” he said.

Hong, also second deputy president of the chamber, said the ACCI had a tax roundtable recently, which aimed to provide clearer understanding of the new tax framework for business owners.

According to him, the roundtable aims to educate members on the requirements, implementation process and obligations under the new laws.

“It is also meant to simplify the new tax laws for business owners and improve understanding among stakeholders,” he said.

Hong said that many Nigerians still lacked adequate understanding of the new tax laws and their practical implications.

He noted that implementation structures for the laws were yet to be fully developed and properly coordinated.

He urged government to adopt a gradual implementation process to enable business owners adjust effectively to the reforms.

The chairman said that taxation should not focus solely on revenue generation but also economic stability, employment and national development.

He said that no nation could achieve prosperity through taxation alone without creating conditions that encourage economic growth.

According to him, Nigeria’s business environment remains highly challenging for enterprises operating across different sectors.

He said many business owners independently provide electricity, water and security, increasing operational and production costs.

Hong noted that local enterprises would struggle to compete if unrestricted importation continued without adequate protection for domestic industries.

He advised government to address infrastructure challenges and create policies that support business growth, competitiveness and employment generation.

“We must confront multiple taxation and eliminate it. We must put Nigerians to work,” Barrister Obegolu said at his inauguration ceremony as the 12th president of the ACCI in Abuja on Thursday. “We must never forget that it is the private sector – not the government – that is the engine of economic opportunity. Businesses, particularly small businesses, flourish and can provide good jobs when the government acts as a productive partner.”

Commending the federal government’s bold move to remove fuel subsidy as well as its initiatives such as the unification of the foreign exchange market and the student loan program, he said though the measures may have initially tested Nigerians’ resilience,  they will, with time, yield the desired results.

The ACCI President urged the government to deepen the collaboration with the private sector, represented by the chamber of commerce, a partnership that has the potential to significantly benefit the business community, the society at large, and the national economy.

In a goodwill message, deputy speaker of the House of Representatives, Benjamin Kalu described ACCI as a beacon for innovation and economic growth and a staunch advocate for ease of doing business.

He urged the new ACCI president and his counterparts in other chambers of commerce to find programmes to bring the youths closer to the chambers.

“Bring the youths to the entrepreneurial programmes you have. Please prioritise initiatives that promote inclusion; expose them to opportunities that will make them have confidence in doing the right things,” the lawmaker said.

[Leadership]