ACCI seeks greater accountability from tax revenues

The Abuja Chamber of Commerce and Industry (ACCI) has warned that the Federal Government’s growing dependence on taxation, combined with insecurity and rising production costs, is putting pressure on businesses and weakening investment confidence. President of ACCI, Chief Emeka Obegolu, SAN, spoke on Tuesday in Abuja at the chamber’s 2025 End of Year Media Parley, […]

The Abuja Chamber of Commerce and Industry (ACCI) has warned that the Federal Government’s growing dependence on taxation, combined with insecurity and rising production costs, is putting pressure on businesses and weakening investment confidence.

President of ACCI, Chief Emeka Obegolu, SAN, spoke on Tuesday in Abuja at the chamber’s 2025 End of Year Media Parley, where he said the tax system had effectively made the government a partner in private enterprises.

He said with oil revenues declining, taxation had become the government’s major revenue source, adding that businesses must now demand accountability for how tax revenues are utilised.

Obegolu said while the new tax framework scheduled to take effect from January 2026 had helped to eliminate multiple taxation, widespread financial illiteracy could expose businesses to compliance risks.

“The law does not impose financial difficulty. What it does is to eliminate multiple taxation,” he said.

He urged business owners to engage tax consultants, saying tax compliance had become highly technical and that many offences could be committed unknowingly.

“If you don’t understand it, you will easily commit an offence without knowing,” he said.

Obegolu said rising costs of production and insecurity were compounding the pressure on businesses, noting that firms were shutting down or scaling back operations.

He said the volume of job applications received daily by the chamber showed that the economy was contracting.

 

“Businesses are closing down. What it shows us is that the economy is contracting, and it is not sustainable,” he said.

 

Obegolu said insecurity, including banditry, kidnapping, farmer–herder conflicts and illegal mining, had disrupted supply chains and discouraged expansion plans.

 

He said no country could achieve economic growth without security, calling on the Federal Government and security agencies to adopt coordinated measures to address the challenges.

 

On access to finance, Obegolu said ACCI was working with multilateral and national finance institutions, including the Bank of Industry and Afreximbank, to support its members, but warned that many applications failed due to poor preparation.

 

“When you don’t prepare thoroughly, your application will be declined,” he said.

 

He also called on the Federal Government to be transparent about recent tax consultancy engagements with foreign firms, saying the terms and conditions had not been made public.

 

 

“For an industry that is the heartbeat of the country, Nigerians need to know the terms and conditions of that engagement,” he said.

 

Obegolu said businesses were partners in national development and must be supported to remain viable.

 

“It is only a viable business that you can tax and make money from,” he said.