President Bola Tinubu
By ANIEFIOK UDONQUAK, Uyo –
Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has lauded President Bola Tinubu over the tax reform bills recently signed into law saying it is an indication of the Federal Government’s commitment to “building a transparent, and growth-oriented tax system.”
It stated that by “simplifying tax procedures, eliminating multiple taxation, and improving clarity and efficiency, this reform will significantly ease the burden on Medium, Small and Micro Enterprises (MSMEs) in the country.
According to the agency, It will also promote business formalization, unlock profitability, and increase the confidence of small business owners to grow and expand.
Lucy Ekpenyong, SMEDAN manager in Akwa Ibom State in a statement she shared on her social media handle noted that “if fully and faithfully implemented, will contribute to job creation, innovation, and sustainable economic growth across all sectors.”
Ekpenyong, however, noted that “to further deepen the gains of this reform and truly improve the ease of doing business, there was the urgent need to address the barriers Medium, Small and Micro Enterprises (MSMEs) are facing in certification and compliance.”
She added that “currently, many small businesses, especially those located outside major economic states like Lagos, Abuja, and Rivers, struggle with complex, expensive, and often inaccessible processes for obtaining certifications such as the National Agency for Food and Drug Adminidtrstion and Control (NAFDAC), trademark and other regulatory approvals.
“This challenge not only limits market access and funding opportunities but also frustrates efforts to scale and compete in local and international markets.
She urge the Presidency to direct the relevant agencies to decentralize, simplify, and digitalize certification and regulatory processes, particularly for MSMEs in underserved regions.
“Additionally, I call for effective monitoring and enforcement to ensure tax authorities and desk officers at all levels implement the reform in line with its intended purpose of supporting rather than stifling small businesses.
“The MSME community looks forward to continued collaboration with your administration in building a more prosperous, equitable, and business-friendly Nigeria, ” she stated.
