President Bola Tinubu has said colonial-era tax laws contributed to economic hardship in the country and made many Nigerians poor..

 

 

 

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, who disclosed this in a statement, titled,”Old tax laws made Nigerians poor, new systems will create opportunities and prosperity, said President Tinubu made the remark during the commissioning of the 16-storey Nigeria Revenue Service, NRS, Headquarters in Abuja.

 

 

 

According to the statement, President Tinubu said the new tax reforms introduced by his administration were designed to create a more inclusive, “investment-friendly and people-centred system that would drive long-term economic growth.” He said the new tax system, which became fully operational in January, was introduced to replace outdated colonial structures and strengthen Nigeria’s fiscal foundation.

 

 

 

“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.”

 

He described the new reforms as a deliberate effort to build a transparent and efficient revenue system capable of supporting national development and restoring public trust in government institutions.

 

 

 

Addressing concerns about the reforms, Tinubu said the system was designed to simplify taxation, eliminate distortions, and promote fairness while protecting vulnerable Nigerians.

 

“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” he said