President Bola Tinubu has assured Nigerians that his administration’s reforms are carefully designed to drive national wealth and ensure sustainable prosperity for all.
Speaking through Mohammed Idris, Minister of Information and National Orientation, during the 2024 Nigerian Media Merit Awards at the Muson Centre in Lagos, Tinubu emphasized the importance of reforming the country’s tax system.
“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 proposed tax reforms currently before the National Assembly, Tinubu noted that they aim to streamline taxes, alleviate burdens on vulnerable citizens, and enhance state revenues.
“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,” Tinubu stated.
The president added that the reforms are designed to foster business growth through targeted incentives while supporting critical economic initiatives.
Tinubu pointed to a recent milestone in revenue allocation as evidence of his administration’s success.
“Just days ago, the federation accounts allocation committee recorded the highest-ever revenue distribution figure in the history of our country,” he said.
He detailed how these revenues are funding transformative initiatives such as the consumer credit scheme, the students loan fund, the presidential grants and loans scheme, the MSME clinics, and the 3 Million Technical Talent Programme (3MTT).
Tinubu also emphasized the collaborative role of state and local governments in complementing federal efforts to achieve inclusive growth.
“In the spirit of our federation, the various state and local governments also have their policies and programmes, meant to complement ours,” he said.
The president reaffirmed his commitment to economic diversification, human capital development, and infrastructure projects, ensuring a brighter future for Nigerians.
