The Nigerian Council of Registered Insurance Brokers (NCRIB) has called for its members to be classified as small businesses under the 2024 Tax Reform Bill, a move that could provide significant tax exemptions for firms with turnovers of ₦50 million or less and fixed assets below ₦100 million.
This position was articulated during the “Breakfast Series with the President” event held in Lagos, themed: “2024 Tax Reform Bill: What’s in it for Brokers.” The event featured discussions on the bill’s implications for insurance brokers and the broader financial sector.
Mr. Adesina Adedayo, a tax advisor and the event’s guest speaker, highlighted the far-reaching effects the bill could have on operations and profitability in the industry. He explained that the reform aims to improve compliance, simplify Nigeria’s tax system, and create an environment conducive to growth and investment. Adedayo further emphasized that the bill presents an opportunity for brokers to align with global tax practices while enhancing revenue generation for the government.
Prince Babatunde Oguntade, the President of NCRIB, reaffirmed the Council’s readiness to engage with stakeholders and contribute to the bill’s development to address the unique challenges faced by insurance brokers. According to Oguntade, the Council is committed to ensuring its members benefit from the provisions of the bill, particularly in areas that promote sustainable growth and reduce financial burdens on small businesses.
The NCRIB president also noted the significance of the tax reform in helping the insurance sector adapt to Nigeria’s evolving economic landscape. He expressed optimism that brokers would successfully navigate these changes and emerge more resilient, positioning the sector as a key driver of economic growth.
“This reform is an opportunity for us to not only contribute to the national economy but also ensure that insurance brokers thrive under a simplified and supportive tax system,” Oguntade stated. He added that NCRIB members are poised to benefit from the clarity and flexibility that the reform promises to deliver.
The 2024 Tax Reform Bill has been widely regarded as a game-changer for Nigeria’s economic framework, aimed at fostering compliance, driving revenue generation, and encouraging private-sector investment. It is expected to streamline tax administration, reduce loopholes, and enhance the ease of doing business in the country.
As the Council prepares to make its case for inclusion in the exemptions outlined in the reform, it remains focused on advocating for policies that empower brokers to contribute more meaningfully to Nigeria’s insurance ecosystem while safeguarding their financial stability.
