Tinubu Begs Nigerian Media Over Controversial Tax Reforms, Lists Out ‘Benefits’
President Bola Tinubu has appealed to the Nigerian media to support his administration’s proposed tax reforms for sustainable wealth creation.
Tinubu’s appeal was made known in a statement issued on Monday by the Special Assistant on Media to the Minister of Information and National Orientation, Rabiu Ibrahim, who said that the President described the tax reform as a critical step toward building enduring national wealth and prosperity for all Nigerians.
Ibrahim stated that President Tinubu on Sunday evening at the 2024 Nigerian Media Merit Awards, held at the Muson Centre in Lagos State where he was represented by the Minister of Information and National Orientation, Mohammed Idris.
According to him, Tinubu said that 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.
The President said that he is optimistic that through the ongoing dialogue on the tax reforms, there would be many areas of convergence of opinions.
The statement quoted Tinubu as saying, “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 stressed 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 the President, 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, “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 said.
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.
“The President 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.”
