President Bola Tinubu has applauded the results of the new tax laws.
Speaking at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters, Tinubu said the colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity, and inconsistencies, and assured that the new reforms will deliver greater prosperity and inclusivity.
He further emphasised that the new tax system is designed to be people-centred and investment-friendly, thereby advancing the nation’s development goals.
President Tinubu explained that the new tax laws, which became fully operational in January, are intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.
“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity. Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people”.
“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment. Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.”
“The early results are encouraging and fantastic. Mr Adedeji, thank you very much. We are witnessing improved fiscal stability, strength, stronger foreign reserves, a more efficient trade ecosystem and increased investor confidence in Nigeria’s economic direction,’’ the President added.