The 4th Rev. Euba Memorial Lecture, delivered as part of activities marking the 113th Founders Day celebration of Eko Boys’ High School (EBHS), provided critical insights into Nigeria’s evolving tax framework. The lecture was held on 12th January 2026 at the EBHS campus, Mushin, Lagos, and attracted stakeholders from the accounting profession, alumni, and the wider public.
The main lecture, titled “Understanding the Nigeria New Tax Law,” addressed widespread confusion surrounding recent tax reforms in the country. The lecture was delivered by Ekorian Otunba Funsho Davies Owoyemi, FCA, a seasoned chartered accountant with an extensive professional background spanning corporate practice, board service, and international engagements. He emphasized the relevance of the session, noting that a clear understanding of the new tax law is essential for individuals, businesses, and institutions to remain compliant and financially responsible.
In his presentation, Otunba Owoyemi explained the purpose of taxation, highlighting its role in generating government revenue, redistributing wealth, protecting local industries, managing inflation, and discouraging the consumption of certain goods. He further outlined the structure of taxes in Nigeria, distinguishing between federal taxes—such as Corporate Income Tax, Value Added Tax (VAT), Stamp Duties, Capital Gains Tax, Customs Duties, and Excise Duties—and state taxes, including Personal Income Tax, Land Use Charge, Consumption Tax, and Road Taxes.
The speaker also shed light on the rationale for the ongoing tax reforms, citing Nigeria’s low tax revenue performance and a tax-to-GDP ratio of approximately 13.5%, largely driven by tax avoidance and evasion. He explained that the 2025 Tax Reform Act, signed into law in June 2025, was introduced to address these challenges by consolidating previously fragmented tax laws into four principal Acts, thereby simplifying tax administration and improving compliance.
DOWNLOAD THE EXECUTIVE SUMMARY – UNDERSTANDING THE NEW NIGERIAN TAX LAW
The event further featured a panel session, during which Mr. Abiola Fajimi, FCA, expanded the discussion by touching on additional practical areas of the new tax law and their implications for taxpayers and professionals. The panel session was expertly moderated by Ekorian Rilwan Fashina, who guided the conversation and facilitated engaging interactions with participants.
The 4th Rev. Euba Memorial Lecture once again reinforced the commitment of Eko Boys’ High School Old Boys’ Association to intellectual discourse and national development, while contributing meaningfully to the understanding of critical policy reforms shaping Nigeria’s economic future.
Written and e-signed:
Ekorian Temitope Oluwabiyi
National Publicity Secretary & PRO
Eko Boys’ High School Old Boys’ Association (EKOBA)
