Ibadan: The Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has asserted that President Bola Tinubu’s tax and economic reforms are unlocking new opportunities for Nigerian youths. Adedeji made this statement during his keynote address at the ‘Oyo State Emerging Political Leaders Summit 2026’ held in Ibadan.
According to News Agency of Nigeria, the summit, themed ‘Bridging the Gap, Uniting Political Strength, Mobilising Emerging Political Leaders for 2027’, was an occasion where Adedeji, represented by NRS Manager Mr. AbdulRahamon AbdulLateef, outlined the benefits of ongoing reforms in business, investment, and agriculture for young Nigerians.
Adedeji highlighted the New Nigeria Tax Act 2025 and the Nigeria Tax Administration Act, which alleviate significant 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. He also noted that the new laws a
llow educational institutions to claim VAT refunds on expenses if they maintain proper records, a provision aimed at fostering growth in startups and schools.
The reformed Nigerian stock market was another focal point, with Adedeji noting its role as a wealth-creation avenue for young people. Between 2023 and 2026, the market produced ‘more than 700 billionaires’, making it accessible for youth investment.
Further, Adedeji detailed that federal allocations to states and local governments have substantially increased under Tinubu’s administration, with monthly allocations rising from approximately N700 billion before 2023 to N2.5 trillion in June and N3 trillion in July 2026. This increase, he stated, is positively impacting state budgets and reducing the dependency on bailouts.
In agriculture, Adedeji pointed out that under the new tax law, farmers growing cocoa and other cash crops are tax-exempt and benefit from a 100 per cent capital allowance. He emphasized that these reforms are already showing result
s, with NRS revenue rising from N12.3 billion before 2023 to N28 trillion in 2024, and a projection of N40 trillion in 2025.
Adedeji encouraged youths to utilize the NRS digital platforms to explore opportunities in various sectors.
Earlier at the summit, Convener Mr. Wale Ajani advocated for a 50-50 power-sharing arrangement between politicians over and under 50 years of age for the 2027 general elections. Ajani emphasized the need for a ’50 Below 50′ initiative to correct the generational imbalance in political power and to ensure young people have a substantial role in governance. The event also featured panel discussions on critical issues affecting young Nigerians in politics and governance.