Renowned Industrialist, Leemon Ikpea, Applauds Tinubu on Nigeria’s Bold New Tax Reforms

*Says legislations simplify multiple tax codes, harmonise collection processesEmmanuel Addeh in Abuja

Prominent Nigerian industrialist and founder of Lee Engineering and Construction Company Limited, Chief Leemon Ikpea, yesterday commended President Bola Tinubu, following last week’s signing of new tax reform laws  by the administration.

In a statement he personally issued, Ikpea hailed the legislative breakthrough as a ‘visionary and courageous step’ toward streamlining Nigeria’s fiscal environment, boosting economic productivity, and attracting sustained investment into critical sectors of the economy.

“President Tinubu has once again demonstrated that he possesses both the political will and the economic insight to reposition Nigeria for greater competitiveness in a rapidly evolving global landscape.

“The passage and signing of the new tax laws not only reflect a deep commitment to fiscal transparency and equity, but also herald a new era of responsible governance that prioritises the needs of businesses, the workforce, and everyday Nigerians,” Ikpea noted.

The new tax reforms, which simplify multiple tax codes, harmonise collection processes, and offer fresh incentives for local manufacturing and value-added production, have been widely regarded as one of the boldest fiscal steps taken by any administration in recent times.

Speaking on the new legislations which include: the Nigeria Tax Reform Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Bill, Ikpea opined that the reforms signal a renewed focus on creating a more predictable business climate.

He added: “For decades, entrepreneurs and investors in Nigeria have had to contend with a web of conflicting, overlapping, and arbitrary tax demands from different levels of government. This reform offers clarity and structure. It encourages compliance rather than coercion and positions the government as a true partner in national development.”

Besides, he emphasised the potential of the new laws to increase Nigeria’s Internally Generated Revenue (IGR) without placing undue pressure on vulnerable citizens, explaining that a well-managed tax system ensures not only fairness but long-term sustainability in public finance.
“This is not about taxation for its own sake. This is about building a fair system where every stakeholder, whether big or small, knows the rules, plays by them, and benefits from a shared sense of accountability.

“When properly implemented, these reforms will unlock revenue that can be invested in critical infrastructure, education, healthcare, and security, all of which are central to Nigeria’s social and economic renewal,” the businessman stressed.

As someone deeply invested in the Nigerian business space, the renowned philanthropist and advocate of indigenous industrial capacity, whose businesses span engineering, oil and gas services, among others, explained that he was  encouraged to do even more, positing that the Tinubu administration is planting seeds for long-term national transformation.

While praising the government’s efforts, the industrialist also called for broad-based stakeholder collaboration to ensure the smooth rollout and monitoring of the reforms, calling on Nigerians, business leaders, civil servants and administrators to approach the reform with a spirit of cooperation and optimism.
He encouraged the new Nigeria Revenue Service (NRS) and state tax authorities to embrace a service-oriented approach, stressing the need for taxpayer education, digital systems, and transparency mechanisms to build trust and compliance.

According to him, the tax reform efforts sit well within the reformist credentials of the President, whom he praised for pursuing difficult but necessary changes in fuel subsidy removal and foreign exchange unification since taking office.

He described Tinubu as a ‘’leader willing to take bold decisions where others hesitated,” and expressed hope that Nigerians would rally behind this current momentum for the required change.

“As a patriot and a firm believer in Nigeria’s boundless potential, I urge fellow industrialists, small and medium scale enterprises, and the organised private sector to lend their support to these reforms,” he stated.