Oyedele flays Business Day for misinformation, framing Nigeria’s ‘positive tax reforms negatively’

*Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, in Nigeria, criticises Business Day Newspapers, stating the news media company seems ‘oddly determined to frame positive reforms negatively’, especially in regard to the age-long 30 percent Company Income Tax in the economy

Isola Moses | ConsumerConnect

Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, in Nigeria, has criticised Business Day Newspapers, stating the news media company is “oddly determined to frame positive reforms negatively.”

ConsumerConnect reports Oyedele said this Friday, December 12, 2025, in reaction to the newspaper’s recent story on the impact of 30 percent Company Income Tax (CIT) the new tax reforms on especially the Foreign Direct Investments (FDIs) and indigenous business expansion.

He also explained that the tax rate is not new, arguing Nigeria is rather set “to reduce the CIT rate from 30 percent to 25 percent” under the new tax regime in the Nigerian economy

In its December 10 edition, Business Day had reported: “At 30 percent, Nigeria’s Company Income Tax (CIT) stands well above the global average statutory corporate tax rate of about 23.5 percent, raising fresh concerns about competitiveness at a time the country is aggressively pursuing foreign investment.

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“Under the Nigeria Tax Act, 2025, companies pay 30 percent of their profits as CIT. But analysts say this headline rate, which is already one of the highest in Africa, has become a major sticking point for investors weighing Nigeria against rival markets.”

Reacting to the report, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee in a blog note via his verified social media account, asserted: “Nigeria’s Company Income Tax (CIT) rate has been 30 percent for the past 30 years (since 1996).

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“So, the rate is not new. What is new is that under the new tax laws, Nigeria is set to reduce the CIT rate from 30 percent to 25 percent.”

Oyedele stated: “In many jurisdictions, even a 1% cut in CIT would be headline news. Yet, we seem oddly determined to frame positive reforms negatively.”