President Bola Tinubu has called on the media to support his administration’s proposed tax reforms, describing them as a critical step toward building enduring national wealth and prosperity for all Nigerians.
Tinubu made this appeal at the 2024 Nigerian Media Merit Awards, held at the Muson Centre in Lagos.
Represented by the Minister of Information and National Orientation, Mohammed Idris, the President said while opinions may differ on the details of the proposed tax reforms, there is a national consensus on the need for a complete overhaul of the current tax administration system.
He expressed optimism that through the ongoing dialogue on the tax reforms, there would be many areas of convergence of opinions.
“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,
The president emphasized that the tax bills before the National Assembly aim to streamline the number of taxes, ease the burden on vulnerable Nigerians, increase the share of taxes going to the states and foster business growth through targeted incentives.
According to him, the overall objectives of the reforms being implemented under the Renewed Hope Agenda, including subsidy removal, unification of multiple exchange rates, and tax restructuring, were well-thought-out, bold but necessary steps designed to free resources and redirect them toward economic growth, infrastructure development, and human capital advancement.
He said that 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.
Tinubu 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.