President Bola Tinubu has assured Nigerians that his administration’s policies are carefully designed to foster long-term national wealth and prosperity.
Delivering a message through the Minister of Information and National Orientation, Mohammed Idris, at the 2024 Nigerian Media Merit Awards held at the Muson Centre, Lagos, Tinubu highlighted the critical role of reforms in reshaping Nigeria’s future.
According to the president, the push for tax reform is one of the most significant steps towards economic renewal.
While there may be differing views on specific details of the reform, Tinubu maintained that there is a collective agreement on the need to overhaul Nigeria’s outdated tax system.
Tinubu emphasized that the proposed tax reforms are aimed at reducing the number of taxes, easing the financial burden on vulnerable citizens, and increasing revenue allocation to states.
These measures are also expected to boost business growth through targeted incentives.
“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.
Highlighting the tangible impact of the reforms, Tinubu referenced the Federation Accounts Allocation Committee’s (FAAC) recent revenue distribution, which recorded the highest amount in Nigeria’s history.
“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, 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,” he added.
Tinubu noted that state and local governments also have their own programs and policies that align with the federal administration’s agenda.
This alignment, he said, would ensure that the positive impact of these reforms is felt across all levels of society.