No Going Back on Tax Reforms, Says Tinubu

President Bola Tinubu has reiterated his administration’s unwavering commitment to implementing comprehensive tax reforms, emphasizing their necessity for Nigeria’s economic transformation.

Addressing journalists during his maiden presidential media chat in Lagos on Monday night, Tinubu outlined the objectives of the reforms, which aim to modernize the tax system, expand the revenue base, and align with Nigeria’s development goals.

“Tax reforms are here to stay,” Tinubu declared. “We cannot just continue doing what we did yesterday. We cannot retool this economy with the old broken pot.”

A Pro-Poor and Inclusive Approach

The President assured Nigerians that the reforms were designed to be inclusive and pro-poor, focusing on widening the tax net to capture more contributors rather than overburdening low-income earners.

“All we ask for is to widen the net, make the cake larger, so we can share a larger meal,” Tinubu explained.

He criticized outdated colonial-era tax policies, labeling them ineffective for Nigeria’s current economic realities. Tinubu also emphasized the need to tackle tax evasion to ensure a fair and effective tax system.

“You cannot satisfy a larger community of tax invaders,” he stated.

Tough Decisions for Economic Stability

Acknowledging the public uproar over the four Executive Tax Bills recently sent to the National Assembly, Tinubu insisted that tough decisions were necessary to stabilize the economy.

“A hallmark of a good leader is to do what needs to be done at the right time,” Tinubu said, underscoring his resolve to push forward with the reforms.

While recognizing that the transition may be challenging for some, Tinubu stressed the importance of resilience, stating, “It will not be El Dorado for everyone, but I am laser-focused on what Nigeria needs and what I must do for Nigerians.”

Confidence in Cabinet and Direction

Responding to criticism of his cabinet’s performance, Tinubu expressed confidence in his ministers, asserting that they were effectively managing their assignments.

“Nigeria is a large country. I need my cabinet; they are adding value effectively,” he said, dismissing calls for a reshuffle.

The President highlighted the importance of assigning tasks based on competence, saying, “You don’t give someone an assignment they cannot fulfill. Job descriptions must be efficient and effective.”

A New Dawn for Nigeria

Tinubu concluded by urging Nigerians to embrace the changes necessary for long-term prosperity, framing the tax reforms as a cornerstone of the nation’s economic revival.

“The essence of tax reform is to create a system that supports growth and development. The new dawn is here, and I am convinced,” Tinubu stated confidently.