Old tax laws made Nigerians poorer, reforms will drive growth — Tinubu

ABUJA — President Bola Tinubu has blamed Nigeria’s colonial-era tax structure for deepening economic hardship, saying outdated and fragmented fiscal systems weakened national prosperity.

 

Tinubu made the remarks during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS) in Abuja, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.

 

The President said his administration’s new tax reforms are designed to replace obsolete structures with a more inclusive, transparent and investment-friendly system capable of driving long-term economic growth.

 

“Fragmentation, multiplicity and inconsistencies in the old fiscal framework weakened national prosperity,” Tinubu said, adding that the new system became fully operational in January.

 

He reaffirmed his commitment to economic reforms, noting, “On my inauguration day, I made a solemn pledge… to confront structural weaknesses, restore financial stability, and build an economy anchored in discipline, equity, and opportunity.”

 

According to him, the reforms aim to simplify taxation, eliminate distortions and ensure fairness while protecting vulnerable Nigerians.

 

“Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution… is matched by feasible value for the people,” he said.

 

Tinubu stressed that no country can achieve sustainable development with a weak revenue system, describing the reforms as “far-reaching” steps to correct longstanding inefficiencies.

 

He also commended the Executive Chairman of the NRS, Zacch Adedeji, for delivering the headquarters within 30 months, noting that the facility will accommodate about 3,000 staff and includes modern infrastructure such as a data centre, clinic, auditorium, and training facilities.

 

“We are not gathered here merely to commission an edifice… but to mark a milestone in strengthening our fiscal foundation and rebuilding confidence in public institutions,” he added.

 

The President further praised the Minister of State for Finance, Taiwo Oyedele, for his role in modernising the tax system.

 

He said early signs of the reforms were already visible, citing improvements in fiscal stability, foreign reserves and investor confidence, amid ongoing efforts to reposition Nigeria’s revenue framework.