President Bola Ahmed Tinubu has declared that Nigeria’s old, colonial-era tax laws contributed significantly to poverty, assuring that the newly introduced system will create opportunities and drive economic prosperity.
Speaking in Abuja during the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters, the President said the previous tax structure was plagued by fragmentation, multiplicity, and inconsistencies, which weakened the country’s economic growth.
Tinubu explained that the new tax reforms are designed to be people-centred, transparent, and investment-friendly, with the goal of strengthening Nigeria’s fiscal foundation and restoring public confidence in government institutions.
According to him, the reforms—now fully operational—aim to replace outdated systems, improve efficiency, and position Nigeria’s economy for global competitiveness.
The President also noted that the initiative is part of a broader strategy to address structural weaknesses, promote financial stability, and build an economy anchored on equity and opportunity.
He further commended key officials, including tax reform experts, for their roles in modernising Nigeria’s fiscal system and ensuring that it becomes more responsive to the needs of citizens.
The development comes amid ongoing debates over the impact of tax reforms, with the government insisting that the new framework will deliver long-term growth, inclusivity, and improved living standards for Nigerians.
Cc: Daily Times