As the debate on tax reforms lingers, President Bola Tinubu has called on the media to support his administration’s proposed tax reforms, noting that they are a critical step toward building enduring national wealth and prosperity for all Nigerians.
There is a national consensus on the necessity for a comprehensive revamp of the current tax administration system, he said, even though opinions may differ on the specifics of the proposed tax reforms.
Speaking on behalf of Mohammed Idris, Minister of Information and National Orientation, the President addressed the 2024 Nigerian Media Merit Awards on Sunday night at the Muson Centre in Lagos.
There is a national consensus on the necessity for a comprehensive overhaul of the current tax administration system, according to President Tinubu, even though opinions may differ on the specifics of the proposed tax reforms.
He is hopeful that many points of agreement will be found in the continuing discussion on the tax reforms.
“I will say with every sense of conviction that our policies are deliberate and well thought out. 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,” he said.
President Tinubu emphasized that the tax bills seek to enhance the amount of taxes paid to the states, reduce the burden on poor Nigerians, streamline the tax code, and encourage economic expansion through specific incentives.
According to him, the main goals of the reforms being carried out under the Renewed Hope Agenda—such as eliminating subsidies, combining different exchange rates, and reorganizing taxes—were well-considered, daring, and essential measures intended to free up funds and reroute them towards infrastructure development, economic expansion, and the development of human capital.
“Just days ago, the Federation Accounts Allocation Committee recorded the highest-ever revenue distribution figure in the history of our country. 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, the 3 million technical talent program (3MTT), the 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 programs, meant to complement ours,” he said.
President Tinubu said in addition to the increased revenues being received and distributed monthly, there was also the effort that went into ensuring financial autonomy for local governments, the closest tier of government to the people.
The President therefore urged the media to amplify the narratives around the reforms for better public understanding, emphasizing their critical role in countering misinformation and guiding Nigerians with accurate and purposeful information.
