President Bola Tinubu on Thursday said by signing four landmark tax reform laws was a definitive way forward for the Nigeria’s economic future describing the move.
Speaking at the signing ceremony, President Tinubu framed the reforms as a crucial step in Nigeria’s ongoing journey from a challenging past toward a promising future.
He said, “Any society, whatever its political system, is perpetually in transit between a past that bugs its memory and the vision of the future that inspires its evolution. Along this road, leadership is indispensable. Decisions must be made, risks must be taken, trust earned, promises kept, a way forward is proposed.”
He added, “What we did few minutes ago is a way forward for our country’s… Leadership must help the people to take off, lead the way on every turn, twist and… we must help them to get to their destination. That is what we are doing here.”
The President praised the National Assembly for their courage and leadership in passing the reforms despite initial difficulties, noting, “To the National Assembly, I say thank you for providing that…, that courage because initially it was difficult, but not all roads will be easy in the process of nation-building, even the block work takes a binder and concrete cements to build the body.”
Highlighting the complexity of tax reform, Tinubu remarked, “Nowhere in the world that tax reform would be any easy, some tax bills that you might read (about) in your textbooks, might even sound like you’re reading in Japanese, very difficult, twisted equations, reverse ideologies, at the end of the day, what you must learn with is the hope to develop the people and show the right character towards the destination.”
He stressed that the reforms represent a structural shift to modernize Nigeria’s economy, stating, “We’re in transit, we have changed rules, we have changed some of the misgivings, we have opened the door for new economy, business opportunity, we’re showing that Nigeria is truly ready and open for business. The question of our tax-to-GDP and all other formulas will be obsolete.”
He said the signing aligns with his broader vision of economic transformation, which includes eliminating outdated taxes, broadening the tax base, and creating a more inclusive and growth-oriented fiscal environment. He reiterated what he previously declared, “Tax reforms are here to stay. We cannot just continue to do what we were doing yesterday. We cannot retool this economy with the old broken pot”.
The reforms are designed to protect low-income households, support small businesses, and stimulate sectors like manufacturing and technology.
