The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, has called for tax reforms that protect low-income earners and ease the burden on Micro, Small, and Medium Enterprises, MSMEs.
The agency advocates this at the agency’s second Town Hall Meeting on Tax Reforms held in Abuja, where policymakers, tax experts, and MSME owners met to discuss the impact of fiscal reforms on small businesses.
SMEDAN said the reforms should exempt nano businesses from onerous tax obligations, eliminate multiple and nuisance levies affecting small traders, and simplify tax compliance.
The town hall was organised to bridge the gap between fiscal policy formulation and the realities faced by MSMEs across the country, with a focus on aligning Nigeria’s evolving tax framework with the needs of small businesses and vulnerable groups.
The highlight of the event was a presentation by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who outlined the objectives of the ongoing reforms and their implications for MSMEs.
Oyedele said the guiding principle of the reforms is to “tax the fruit, not the seed,” explaining that the measures are designed to protect low-income earners and small business owners.
He said the reforms aim to exempt low-income earners and nano businesses from burdensome tax obligations, eliminate multiple levies that disproportionately affect small traders, and remove hidden taxes on essential goods and logistics to support price stability.
He also spoke on the need to simplify existing tax codes and increase awareness among MSMEs on tax incentives, including tax holidays and rebates that many eligible businesses are not currently accessing.
The Director General of SMEDAN, Dr Charles Odii, said the presence of the Presidential Committee allowed for direct engagement between policymakers and entrepreneurs.
“The presence of Mr Oyedele here today ensures that our entrepreneurs are not just hearing about laws; they are participating in a movement that prioritises their survival and growth,” Odii said.
He reaffirmed SMEDAN’s role as the apex agency for MSME development in Nigeria and said similar engagements would be organised in other locations to ensure that nano, micro, and small enterprises benefit from the reforms.
The event came to a close with a question-and-answer session where business owners engaged officials on concerns around the ease of doing business in the country.
