Tinubu Explains Why He Changed Old Tax Laws, Highlights Benefits of New Reforms
- President Tinubu said Nigeria’s old tax laws contributed to economic inefficiencies and poverty
- The reforms aim to improve transparency, attract investment, and support economic growth
- Top government officials expressed support and urged Nigerians to be patient with ongoing reforms
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
President Bola Tinubu has said Nigeria’s newly introduced tax reforms will promote economic growth and improve citizens’ welfare, replacing what he described as outdated and fragmented colonial-era laws.
According to a statement issued by the State House, the president made the remarks on Tuesday in Abuja during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS).
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New tax system to drive growth
Tinubu explained that the reformed tax framework, which became fully operational in January, is designed to simplify processes, attract investment, and ensure fairness.
He said the previous system, inherited from colonial times, contributed to inefficiencies due to multiple and inconsistent laws, adding that the new approach aims to reposition the economy for global competitiveness.
According to the statement shared by his Special Adviser on Media, Bayo Onanuga, the president noted that the reforms are part of broader efforts to strengthen Nigeria’s fiscal system and rebuild trust in public institutions.
Focus on transparency and inclusivity
Speaking at the event attended by top government officials, including Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, Tinubu stressed that the new system is people-centred and sensitive to vulnerable groups.
He added that the reforms are intended to create a transparent and efficient revenue system that supports enterprise and ensures value for taxpayers.
“The direction is clear: to build a system that rewards productivity and ensures fairness,” the president was quoted as saying.
NRS headquarters symbolises reform agenda
Tinubu also commissioned the new NRS headquarters, completed within 30 months after over two decades since its foundation was laid.
He commended the Executive Chairman of the NRS, Zacch Adedeji, for overseeing the project, noting that the facility will provide a conducive environment for about 3,000 staff and includes modern amenities such as a data processing centre, training facilities, and a clinic.
The president described the building as a symbol of professionalism, efficiency, and renewed commitment to public service.
Lawmakers back reforms, urge patience
In his remarks, Akpabio urged Nigerians to be patient with ongoing economic reforms, stating that early signs of improvement are already visible, particularly in fuel supply stability.
Similarly, Abbas said the reforms have addressed long-standing challenges of fragmented revenue systems by aligning policies, institutions, and incentives into a unified framework.
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Earlier, Adedeji said the reforms have streamlined over 60 tax laws into a more coherent system, improving compliance and administration.
He added that revenue collection rose significantly from N6.8 trillion five years ago to N28.7 trillion in 2025, attributing the increase to improved fiscal governance and transparency.
Adedeji also noted that initiatives such as the National Single Window have enhanced trade efficiency and boosted government earnings.
FG launches scheme to connect 20 million youths to jobs
Legit.ng earlier reported that the federal government, through the office of the Vice President, has launched a programme to empower youths.
The programme, a UNICEF-led partnership initiative, aims to connect 20 million youths to opportunities by 2030.
Officials say it could help tackle youth unemployment and improve skills development, in line with ongoing reforms.
Source: Legit.ng
