President Bola Tinubu says Nigeria’s colonial-era tax laws impoverished citizens through fragmentation, multiplicity, and inconsistencies, assuring that new reforms will deliver greater prosperity and inclusivity.
Tinubu spoke on Tuesday in Abuja at the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS).
The event was attended by Senate President Godswill Akpabio, Tajudeen Abbas, speaker of the house of representatives, ministers, lawmakers, private-sector leaders, and several state governors.
The president said the new tax system is designed to be people-centred and investment-friendly, adding that it aligns with the administration’s broader development goals.
He noted that the reforms, which became fully operational in January, are intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.
“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope,” Tinubu said.
“I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.”
Addressing concerns about the reforms, the president said the NRS has been repositioned as a data-driven revenue institution, equipped with the capacity and technology to deliver efficient and transparent services.
“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment,” he said.
“Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.”
Tinubu added that early results of the reforms are encouraging, citing improved fiscal stability, stronger foreign reserves, a more efficient trade ecosystem, and increased investor confidence.
“These gains are not incidental. They are the products of deliberate policy, sustained effort, and a commitment to doing what is right for the long-term prosperity of our nation,” the president added.
‘ECONOMIC REFORMS YIELDING RESULTS’
Speaking at the event, Akpabio urged Nigerians to be patient with the administration, noting that the reforms are already yielding results.
He said queues at petrol stations, which once stretched for kilometres, have disappeared, attributing the improvement to government policies and private sector participation.
Abbas also commended the administration’s reforms, noting that they have addressed longstanding inefficiencies in the country’s revenue system.
