President Bola Tinubu asserts that his administration’s reforms are a crucial step toward fostering lasting national wealth and prosperity for all Nigerians.
Mohammed Idris, the minister of information and national orientation, conveyed the president’s remarks on Sunday at the 2024 Nigerian Media Merit Awards, which took place at the Muson Centre in Lagos.
Tinubu explained that while opinions may vary on the specifics of the proposed tax reforms, there is a national consensus on the necessity of a complete overhaul of the current tax system.
“I will say with every sense of conviction that our policies are deliberate and well thought-out,” he stated.
“We are headed toward the restoration of Nigeria, on a path requiring a comprehensive approach that addresses economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth.
“Among our various landmark reforms is the one focused on tax, by far one of the most profound steps necessary for setting Nigeria onto the path of enduring national wealth and prosperity for all our people.”
“There is a consensus that the tax administration system in Nigeria requires reform. We may not all agree on every detail of the required reform, but there will be many areas of convergence.”
Tinubu mentioned that the tax bills currently before the national assembly aim to reduce the number of taxes and alleviate the burden on vulnerable Nigerians.
He emphasized that the reforms would also increase the proportion of taxes allocated to the states and encourage business growth through targeted incentives.
“Just days ago, the federation accounts allocation committee recorded the highest-ever revenue distribution figure in the history of our country,” he added.
“These are the much-needed resources being freed up for investment in critical areas of the economy.
“At the federal level, these revenues are already financing impactful initiatives like the consumer credit scheme, students loan fund, presidential grants & loans scheme, the MSME clinics, 3 million technical talent programme (3MTT), presidential CNG initiative, massive road infrastructure projects, among many others.
“In the spirit of our federation, the various state and local governments also have their policies and programmes, meant to complement ours.”
