G‑24 Director Says Nigeria’s Tax Overhaul Will Transform Economy

Dr Iyabo Masha, the Director of the Intergovernmental Group of Twenty‑Four on International Monetary Affairs and Development (G‑24), says Nigeria’s ongoing tax reform drive is a crucial step toward modernising the country’s economy and strengthening its public finances ahead of the G‑24 2026 Technical Group Meeting in Abuja.

Speaking at a press briefing before the conference, which runs from February 18 to 20, Masha emphasised that effective taxation and domestic resource mobilisation are essential for sustainable growth and inclusive development. She pointed out that many developing nations struggle with low tax‑to‑GDP ratios, limiting their ability to fund infrastructure, education, healthcare and job creation.

Masha also described Nigeria’s previous tax framework as fragmented, with challenges in implementation that kept many businesses out of the formal tax system. She said the current reforms aim to simplify the tax structure, widen the tax base, and incentivise efficient production — changes that would help formalise more companies and improve revenue generation over time.

While acknowledging that reforms might be uncomfortable initially, she said they are designed to deliver long‑term benefits by enabling the economy to meet the aspirations of its people and support job‑rich growth.

The G‑24 meeting will also address global economic issues such as exchange‑rate spillovers, climate change, financial inclusion, and regional trade cooperation, bringing together delegates from member countries to align positions ahead of wider engagements with international financial institutions.