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At the PwC + BusinessDay 2026 Executive Roundtable, Kunle Amida, Partner at PwC Deals Advisory, highlighted key trends expected to shape Nigeria’s investment landscape this year. He noted improving macroeconomic stability and a gradual return of institutional investors to the market.

Shifting Investment Focus

Amida explained that investment activity in 2026 will balance asset valuation and execution risks, especially under the revised capital gains tax (CGT) regime. “Transactions are no longer just about price,” he said. “Investors are now focusing on whether deals can actually close in the current regulatory and tax environment.”

Improved Access to Local Capital

Lower interest rates and ongoing banking sector recapitalisation are expected to ease financing constraints. Stronger bank balance sheets should boost domestic deal activity and reduce dependence on offshore capital.

Rise of Business Diligence

Investors are increasingly looking beyond financial numbers. They are now assessing business models, value chains, governance, and operational resilience to understand how value is created and sustained. Amida calls this approach “transacting to transform”, moving away from opportunistic acquisitions toward strategic, value-driven deals.

Sector Outlook

Energy: Opportunities from international oil company (IOC) divestments and marginal field bids.

Financial services: Banks approaching recapitalisation may pursue mergers, equity raises, or asset sales, opening opportunities for investors.

Impact-focused investments remain attractive.

Amida also observed a renewed interest from global private equity firms, marking a return of institutional investors to Nigeria after years of limited engagement. He attributed this confidence to a more stable macroeconomic environment, improved foreign exchange conditions, and clearer policy direction.

Preparing for 2026

Buyers and sellers must adapt to these dynamics. Buyers should strengthen internal processes and identify the right targets, while sellers need to clean up balance sheets and improve disclosures to attract quality capital.

“If 2026 delivers on its macroeconomic promise,” Amida concluded, “Nigeria’s investment market could move from cautious recovery to sustained, value-driven growth.”

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The Federal Government has ruled out any plan to suspend the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act, reaffirming that both laws will come into force on January 1, 2026, despite concerns raised by the House of Representatives over alleged discrepancies in the gazetted versions.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, stated this while addressing journalists after a meeting with President Bola Ahmed Tinubu, stressing that the implementation timeline remains unchanged.

Oyedele said the tax reform programme is a central pillar of the Tinubu administration’s economic agenda, designed to reduce the tax burden on citizens, stimulate economic growth, and promote fairness and transparency within the tax system.

His remarks followed recent deliberations by the House of Representatives Committee, which is investigating claims that certain provisions in the final versions of the tax laws differed from what lawmakers originally passed.

While welcoming the engagement of the National Assembly, Oyedele noted that the Federal Government remains open to dialogue and corrective action where necessary. However, he emphasised that such discussions would not delay the scheduled commencement of the two remaining tax laws.

According to him, four major tax reform laws have been enacted under the ongoing reform programme, with two already operational. He explained that the Nigerian Revenue Service Establishment Act and the Joint Revenue Service Establishment Act took effect on June 26, 2025, ahead of the broader reforms, to allow newly created institutions to begin operations and build capacity.

The remaining statutes—the Nigerian Tax Act and the Nigerian Tax Administration Act—are scheduled to take effect on January 1, 2026, as initially planned.

“The plan to commence these laws on January 1, 2026, remains firm because the reforms are structured to deliver relief to the Nigerian people,” Oyedele said.

Highlighting the expected benefits of the reforms, he disclosed that about 98 per cent of Nigerian workers would either pay no Pay-As-You-Earn (PAYE) tax or pay significantly lower amounts. In addition, approximately 97 per cent of small businesses would be exempt from corporate income tax, value-added tax, and withholding tax.

Oyedele added that larger companies would also benefit from reduced tax liabilities under the revised framework, noting that the reforms are aimed at inclusivity, shared prosperity, and sustainable economic growth rather than increasing tax rates.

He said the new tax system prioritises expanding economic activity, broadening the tax base, and improving voluntary compliance.

The committee chairman further revealed that the tax reform bills spent about nine months at the National Assembly between October 2024 and June 2025, allowing ample time for legislative scrutiny and preparation ahead of implementation.

Since the laws were signed, he said the government has focused on capacity building, system upgrades, and extensive stakeholder engagement to ensure a smooth rollout.

Oyedele also noted that the reforms have eliminated what he described as wasteful and distortionary tax incentives, a move expected to improve efficiency and equity within the tax system.

Describing tax reform as a continuous process, he said the framework would continue to evolve based on feedback and economic conditions but maintained that the January 2026 implementation date for the two remaining tax laws remains unchanged.

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Nigeria has partnered with more than 100 countries to monitor and track the income of remote workers, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has confirmed.

Speaking on the implementation of the country’s new tax regulations, Oyedele said the collaboration ensures that digital and remote work earnings are properly accounted for, generating billions in revenue without disputes.

“We spoke to them, addressed their concerns, and reached an agreement. Today, Nigeria is making billions of dollars from these taxes from digital giants without conflict,” he stated.

Oyedele also clarified inconsistencies in the recently signed tax legislation concerning turnover thresholds. “Section 147 of the Nigerian Tax Administration Act says N100 million, while Section 202 of the Nigerian Tax Act says N50 million. That was an error during the gazetting process,” he explained.

Despite spending months attempting to correct the discrepancy, the committee proceeded with implementation, assuring that the minimum threshold for exemption remains N100 million once the regulations are published.

Additionally, Oyedele emphasized that the new Capital Gains Tax (CGT) framework, set to take effect from January 1, 2026, will not apply retroactively to investment gains realized before 2026. A cost basis reset and grandfathering clause will ensure that only new profits are taxed.

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A Rising Talent Hub

Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), has stated that Nigeria is quickly becoming a global hub for skilled labor. He praised Nigeria’s education system for producing graduates who are now in demand worldwide.

Nigerian Graduates Making Waves

Echono emphasized that, despite challenges, Nigerian graduates are competitive in the global job market. Many now work for multinational companies while staying in Nigeria. This demonstrates that Nigeria’s skilled workforce is gaining international recognition.

Nigeria’s Advantage in a Changing World

Echono attributed Nigeria’s rise to the policies of President Bola Tinubu’s administration. These policies have made Nigeria an attractive location for skilled labor. Many advanced nations face aging populations and a decline in birth rates. These countries need younger workers, and Nigeria’s educated youth are stepping up to meet this demand.

TETFund’s Contribution to Education

Echono also highlighted TETFund’s role in improving Nigeria’s education sector. The Fund has supported over 40,000 postgraduate students, both locally and abroad. TETFund is heavily investing in upgrading facilities at Nigerian universities to ensure they remain competitive and continue to meet the growing demand for education.

Efficient Resource Management

Echono assured the public that TETFund is managing its resources effectively despite the growing number of public tertiary institutions. The increase in education tax revenue enables the Fund to support more institutions without sacrificing quality. The management team ensures that all projects are completed on time and within budget to avoid the effects of inflation.

Looking Ahead to Legacy Projects

Echono dedicated the Education Icon award he received to President Tinubu, Minister of Education Dr. Tunji Alausa, and the entire TETFund team. He said this recognition would inspire them to push forward with legacy projects that will transform Nigeria’s universities. He also called on university management to provide full support to ensure the success of these projects.

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Governor Mohammed Umaru Bago announced the decision at the Government House, Minna, emphasizing the state’s centralized tax system.

He expressed concern over multiple taxes imposed on small-scale traders, describing such practices as exploitative and unfair.

The governor stated that hawkers and petty traders are now officially tax-free across the entire state, effective immediately.

Bago warned that anyone caught taxing these groups would face strict penalties for extortion and unlawful practices.

He directed local government chairmen and councillors to enforce the ban promptly, ensuring full compliance in all areas.

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He highlighted that despite low tax compliance, citizens still demand improved infrastructure, education, security, and other essential services.

Akpabio spoke during the public hearing on tax reform bills submitted by President Bola Tinubu on October 3, 2024.

He emphasized that Nigeria cannot continue outdated practices if it hopes to achieve meaningful growth and sustainable development.

The Senate President assured that, once passed, the National Assembly would enhance oversight to ensure efficient resource utilization.

He urged Nigerians to obtain copies of the bills and review them thoroughly rather than relying on social media.

Akpabio criticized leaders who condemned the process without reviewing the content of the proposed tax reform bills themselves.

He also committed to attending the two-day hearing, expressing frustration with misinformation spreading rapidly on social media platforms.

Key government figures attended, including Wale Edun, Lateef Fagbemi (SAN), Zacch Adedeji, and Adewale Adeniyi, among others.

Senator Sani Musa, Chairman of the Senate Committee on Finance, explained the purpose of the tax reform hearing.

Musa confirmed that both Senate and House representatives had completed the second reading of the proposed reform bills.

He noted that 71 stakeholder groups were invited for the hearing, reflecting diverse national economic and financial interests.

The main objective of the reform bills is to increase revenue, supporting national development in crucial economic sectors.

The proposed bills include the Nigeria Tax Bill (NTB) 2024 and Nigeria Tax Administration Bill (NTAB) 2024.

Also included are the Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024 and Joint Revenue Board (Establishment) Bill (JRBEB) 2024.

Senator Musa stressed that these reforms would position Nigeria’s economy for global competitiveness and sustainable economic expansion.

He added that infrastructure, education, agriculture, and other economic sectors would benefit significantly from the expected revenue growth.

Musa concluded by emphasizing that collective stakeholder participation is crucial for successful reform implementation and national economic progress.

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At a webinar put together by the Chartered Institute of Taxation of Nigeria (CITN), the Executive Chairman of Kano State Internal Revenue Service (KIRS), Zaid Abubakar, who made a Critical Review of Taxation of Income of Persons under the Proposed Nigeria Tax Bill, 2024, sported some grey areas in the bill.

Abubakar maintained that, though the fiercely debated bill, which comprises 43 clauses and six parts, has been adjudged by the federal government of having the potential to protect small businesses and engender economic growth and development; however, there are much that needed to be addressed to avoid overheating the polity.

KIRS Executive Chairman, explained that where gains accrue to a person on disposal of shares from Nigerian company, it is not clear whether both the proceeds and gains must equal or exceed N150M and N10M respectively to be taxed, or if exemption can be enjoyed, and if either one of the proceed or the gain is below the stated threshold and the other is above.

Moreover, he pointed out that the N150M threshold for asset disposal is high, as most sub -nationals do not have significant number of residents that own such volume of assets. “Section 35(1) while extending the disposal of assets beyond sale, transfer, assignment and compulsory acquisition, to include ‘lease’, did not define the type of – lease- Is it finance or operating lease? What if the -lease- is the ordinary course of business of an enterprise? In essence, the definition of ‘lease’ is too generic.

“The N50M compensation for individuals is a welcome development, especially for those whose integrity has been impaired by libel, etc. The exemption for lands attached to primary dwelling is a further relief for individuals”

He stressed that small companies are not well defined- going by paid up capital, number of employees, or turnover. However reduction in CIT will be welcome development for corporate entities, while the minimum tax rate of 15% is good, but the baseline N208 to qualify for the minimum tax is high.

“The exemption of tax payers at the bottom of the pyramid will bring some relief to the poor. However, it will erode the tax base of most sub -nationals without any compensation. It is not clear what will happen to incomes between N800K to N2.2M bracket. Will they be zero-rated or charged at 15%” he queried.

He posited that, allowing NITDA, TETFUND, and NASENI to rely on budgetary allocations or having a sunset clause for them, will negatively affect the educational and technological advancement of Nigeria.

On Pension, which is included as part of income, he suggested that it should be part of eligible deductions, while there is need to harmonise Section 4(1) and Section 12 in order not to give room for misinterpretations on account derived, brought and received in Nigeria.

“The exemption of employers such as start up, tech-driven services or creatives arts has the implication of denying competent Nigerians the opportunity to compete. The non -inclusion of IPGs brought or received in Nigeria may create gaps in determining total income subject to tax in Nigeria. There is need to align this clause with the ADBR test, as it is in the current Act.

“The failure of Section 17(9d) to include digital space in the meaning of a place is incompatible with the reality of the digital age. Therefore, there is need for a regulation to be issued by the Minister. To him, Assessable Profit as captured in the document was not clearly defined, asking “Is it accounting profit or adjusted profit”?

The expert highlighted that the provision on chargeable gains did not successfully distinguish between gains accruing from assets used in trade, vocation or business with gains from disposal of individual assets.

“Section 30 of the Bill, allows for ‘eligible deductions’ which includes payment made as contributions for National Housing Fund, National Health Insurance scheme, pension, payment for life insurance for the individual or spouse, interest payment on loans for developing an owner occupied residential house and rent relief of 200,000 or 20% of annual rent paid (whichever is lower). This effectively eliminates consolidated relief allowance and minimum tax for individual tax payers,” he added.

Meanwhile, the President/Chairman in Council of CITN, Mr. Samuel Agbeluyi, called on analysts, tax professionals, policymakers, legal practitioners, other experts, and Nigerians at large to tread with caution as reactions towards the tax bill heightened.

He urged tax experts to explain better for Nigerians to understand the direction of the presidency and why everyone should be very careful, bearing in mind the economic storms overwhelming the country at the moment.

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The NEC headed by Vice-President Kashim Shettima has governors as members.

Speaking to state House Correspondents after a NEC meeting, on Thursday, Governor Seyi Makinde of Oyo State said following the controversies that arose as a result of the bills, NEC decided to withdraw them so that stakeholders would be carried along.

Details later…

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This initiative is part of FIRS’ ongoing digital transformation efforts to modernize the country’s tax system.

The announcement was made by the Executive Chairman of FIRS, Dr. Zacchaeus Adedeji, on Wednesday during the “Emerging Tax Matters” stakeholders’ engagement organized by the Lagos Chamber of Commerce and Industry (LCCI) in collaboration with FIRS. Represented by Mrs. Oti Olaniyi, Acting Director of the Medium Taxpayers Department, Adedeji highlighted that the e-Invoice system would enable real-time validation of transactions across various sectors, including business-to-business, business-to-consumer, and business-to-government exchanges.

Modernizing Tax Systems with E-Invoice

The FIRS e-Invoice is expected to ensure transparency and efficiency in tax processing. By facilitating the digital exchange of transaction data between buyers and suppliers, the e-Invoice will automate tax reporting processes and minimize errors in documentation.

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Adedeji emphasized the importance of leveraging technology to create a sustainable and equitable tax system, noting that the evolving tax environment in Nigeria presents both challenges and opportunities. “Our collective efforts will pave the way for a more prosperous and resilient Nigeria. As we move forward, we encourage you to support these initiatives with constructive feedback and collaboration,” he said.

Tax Reforms and Incentives

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The FIRS Chairman also discussed the agency’s recent restructuring and various tax reforms aimed at supporting local industries and stimulating sustainable growth. He stressed the importance of transparency in providing tax incentives, ensuring they align with Nigeria’s broader development goals. Adedeji acknowledged the significant challenges posed by the informal sector, which accounts for a substantial portion of Nigeria’s economy, and outlined plans to introduce simplified tax regimes to encourage small and micro-businesses to join the formal tax system.

Private Sector Collaboration

LCCI President, Mr. Gabriel Idahosa, commended FIRS for its ongoing reforms and called for greater collaboration between the public and private sectors to achieve the country’s revenue targets. He noted that under the leadership of Dr. Adedeji, FIRS has set an ambitious goal to increase tax collection by 57%, aiming to generate N19.4 trillion in 2024.

Idahosa also recommended reforms to support business innovation and competitiveness, including tax breaks for wage increases and easing restrictions on foreign currency transactions. He emphasized the need for transparency and trust in the tax system to encourage compliance from both businesses and individuals.

FIRS Revenue Targets

Despite these efforts, the FIRS has struggled to meet its 2024 tax collection targets, particularly from oil sector revenues. Between January and April 2024, the agency collected N1.63 trillion from oil taxes, falling short of the approved target of N3.32 trillion by N1.69 trillion. This is just 49% of the projected revenue for the period.

However, FIRS remains focused on its internal revenue goal of N7.5 trillion for 2024, continuing its efforts to drive compliance and optimize tax collection through digital innovations like the e-Invoice system.

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