Tinubu: New Tax Reforms to Drive Prosperity, End Legacy Burden

President Bola Ahmed Tinubu has said his administration’s proposed tax reforms will drive economic prosperity, reduce inefficiencies, and ease the burden of multiple taxation on Nigerians and businesses.

Speaking at a policy engagement in Abuja, the president explained that the reforms are designed to simplify the tax system, expand the revenue base, and ensure fair taxation across different income groups.

According to Tinubu, the reforms will prioritize transparency and compliance while protecting low-income earners from excessive tax pressure. He noted that Nigeria’s current tax structure is outdated and has long discouraged investment due to its complexity and duplication. By streamlining collection processes and leveraging technology, the government hopes to boost revenue without overburdening citizens.

The president added that the reforms are part of a broader economic agenda aimed at stabilizing the economy, attracting foreign investment, and creating jobs. He stressed that improved revenue generation is critical to funding infrastructure, healthcare, and education.

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Economic experts have welcomed the proposal but cautioned that implementation will be key to achieving the desired results. They emphasized the need for strong institutions, public awareness, and accountability mechanisms to build trust in the system.

Business groups have also expressed cautious optimism, noting that a more predictable and transparent tax regime could improve the ease of doing business in Nigeria. However, they called on the government to engage stakeholders continuously to avoid unintended consequences.

The reforms are expected to be presented to the National Assembly in the coming months as part of ongoing fiscal policy adjustments aimed at repositioning Africa’s largest economy for sustainable growth.