… says Tinubu’s reforms creating new opportunities for Nigerian youths
The Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji, has stressed that any company making less than N100m a year is exempted from income tax.
He said President Bola Tinubu’s tax and economic reformswere opening new windows of opportunity for Nigerian youths.
Adedeji stated this while delivering a keynote speech at the “Oyo State Emerging Political Leaders Summit 2026” held on Monday in Ibadan.
The summit had as its theme: “Bridging the Gap, Uniting Political Strength, Mobilizing Emerging Political Leaders for 2027″.
Represented by Mr AbdulRahamon AbdulLateef, a Manager in the NRS, Adedeji highlighted key areas where young Nigerians could directly benefit from the various ongoing reforms in business, investment, and agriculture.
According to him, the new Nigeria Tax Act 2025 and the Nigeria Tax Administration Act have removed major burdens for small businesses.
“If you register your own company and your revenue in a year is below N100 million, you are not expected to pay company income tax, VAT, or withholding tax,” he explained.
The NRS boss added that the law also allows institutions in special sectors such as education to claim VAT refunds on expenses, provided they keep proper records.
Adedeji said that this was not possible under the old tax laws dating back to 1903, adding that the new provision was designed to help startups and schools grow.
The NRS boss also pointed to the reformed Nigerian stock market as a major wealth-creation channel for youths.
He noted that between 2023 and 2026, the market had produced “more than 700 billionaires” and made it easier for young people to invest.
Adedeji further said that the federal allocations to states and local governments had tripled under the Tinubu administration, rising from about N700 billion monthly before 2023 to N2.5 trillion in June and N3 trillion in July 2026.
He said that the increase was already reflecting in state budgets and reducing the need for bailouts.
Adedeji identified agriculture as another key area, noting that under the new tax law, farmers of cocoa and other cash crops are exempted from taxes and enjoy a 100 per cent capital allowance.
The NRS Chairman said that the reforms were already yielding results, noting that NRS revenue rose from N12.3 billion before 2023 to N28 trillion in 2024 and projected to hit N40 trillion in 2025.
He urged youths to leverage the NRS digital platforms to understand how they could key into the system, and to explore opportunities in various sectors.
Earlier, the Convener of the Summit, Mr. Wale Ajani, in his remarks called for a 50-50 power-sharing arrangement between politicians above and below 50 years of age ahead of the 2027 general elections.
Ajani said that the time has come to restructure political power in the country, hence the need to support the “50 Below 50” initiative.
“We cannot chase the elderly ones away. People of 50 years and below should have 50 per cent, while those above 50 take the remaining 50 per cent.
“The initiative is not about sidelining experience, but about correcting a generational imbalance. Young people must be given a deliberate and measurable stake in governance if Nigeria is to move forward.
“For the youths, this is not a time to sleep at home. This is not a time to do things the way they have been doing them, because this is a time to change the narrative.
2027 is a moment when a new government will come in,” Ajani said.
The event also featured panel sessions on critical topics affecting young Nigerians in politics, governance, and other sectors.
