Tinubu Explains Benefits of New Tax Laws Nigerians May Not Know
- President Bola Tinubu had assured Nigerians that the new tax regime scheduled for 2026 would bring relief to small businesses
- He said the policy was structured to protect vulnerable groups and low-income earners from excessive tax burdens
- The president added that Nigerians would feel the benefits more clearly when the new tax laws take effect
Legit.ng's Muslim Muhammad Yusuf is a 2025 Wole Soyinka Award-winning journalist with over 8 years of experience in investigative reporting, human rights, politics, governance and accountability in Nigeria.
Ibadan, Oyo - President Bola Ahmed Tinubu has assured Nigerians that the new tax regime, which the government has scheduled to take effect in 2026, is designed to ease the burden on the poor, low-income earners, and small businesses.
The President gave the assurance on Tuesday, December 16, at the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday lecture of the late former Oyo state governor, Abiola Ajimobi, held at the University of Ibadan.
Source: Twitter
As reported by PUNCH, Tinubu’s message was delivered by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zaccheus Adedeji, at the event organised by the Senator Abiola Ajimobi Foundation in collaboration with the Institute of Peace and Strategic Studies, University of Ibadan.
The programme, themed “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy,” was chaired by former Ogun State governor, Olusegun Osoba.
Benefits of new tax laws explained by Tinubu
According to the President, the new tax laws would exempt essential items and services such as food, medication, education, agriculture and shared transportation from what he described as burdensome taxes.
He also said the reforms would free businesses from multiple taxation, a challenge that has long affected small and medium-sized enterprises across the country.
“I want to assure Nigerians that there should be no apprehension about the new tax laws, which implementation will begin next year. The laws come with good news for the poor, low-income earners and small businesses,” Tinubu said.
The President noted that the economic reforms introduced by his administration were already yielding results, citing improvements in macroeconomic indicators.
“Our GDP is growing, inflation is tumbling, and improvements are being recorded in the fiscal deficit. Companies that were previously posting losses have returned to profitability,” he said.
Tinubu added that Nigerians would begin to feel the impact of the reforms more strongly in the coming year as the tax changes take effect.
Tinubu pays Tribute to Ajimobi
Tinubu also paid tribute to the late Ajimobi, praising his leadership style and commitment to reforms, while urging members of the All Progressives Congress (APC) in Oyo state to unite ahead of future elections.
He also commended the wife of the late governor, Ambassador-designate Florence Ajimobi, for sustaining the family’s legacy.
Source: Twitter
Ajimobi, who governed Oyo state between 2011 and 2019, died in June 2020, a year after leaving office.
Speaking, the President of the Senator Abiola Ajimobi Foundation, Florence Ajimobi, commended Tinubu for what she described as his unwavering loyalty to the late statesman and shared values of good governance and democratic commitment.
She said the President’s consistent participation in the annual event and continued support reflected a genuine commitment to the ideals Ajimobi stood for.
Why we honoured Ajimobi - Oyo governor
In his remarks, Oyo state Governor, Seyi Makinde, represented by his deputy, Bayo Lawal, described the roundtable as a fitting platform to honour Ajimobi’s legacy while engaging critical issues affecting Nigeria’s democracy.
Makinde said the late governor made enduring contributions to governance in the state and left lessons that transcended partisan politics.
He noted that rebuilding trust in democracy required sincerity, accountability and inclusive governance, stressing that electoral credibility could only be achieved when political parties practised internal democracy and delivered on their promises.
Nigerian cries after seeing his tax
Legit.ng earlier reported that a Nigerian doctor spoke about the new tax law, which the federal government is set to officially start next January.
He shared the unexpected shock that happened to him immediately after he checked how much would be deducted from his pay.
He also mentioned what the new tax bill would do to every Nigerian, irrespective of tribe or religion.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
