President Bola Tinubu has called on the media to back his administration’s proposed tax reforms, emphasizing that they are essential for creating lasting national wealth and prosperity for all Nigerians.
Speaking on Sunday evening at the 2024 Nigerian Media Merit Awards at the Muson Centre in Lagos, President Tinubu was represented by the Minister of Information and National Orientation, Mohammed Idris.
President Tinubu emphasized that although there may be differing views on the specifics of the proposed tax reforms, there is broad national agreement on the necessity of a full overhaul of the current tax administration system.
He is hopeful that the ongoing discussions on the tax reforms will lead to many areas where opinions align.
“I will say with every sense of conviction that our policies are deliberate and well-thought-out. We are headed toward the restoration of Nigeria, on a path requiring a comprehensive approach that addresses economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth.
“Among our various landmark reforms is the one focused on tax, by far one of the most profound steps necessary for setting Nigeria onto the path of enduring national wealth and prosperity for all our people. There is a consensus that the tax administration system in Nigeria requires reform. We may not all agree on every detail of the required reform, but there will be many areas of convergence,” he said.
President Tinubu emphasized that the tax bills currently before the National Assembly are designed to reduce the number of taxes, ease the financial burden on vulnerable Nigerians, increase the tax share for states, and promote business growth through targeted incentives.
He stated that the broader goals of the reforms under the Renewed Hope Agenda—such as subsidy removal, unification of exchange rates, and tax restructuring—are carefully planned, bold yet necessary actions aimed at freeing up resources to be redirected toward economic growth, infrastructure development, and the advancement of human capital.
“Just days ago, the Federation Accounts Allocation Committee recorded the highest-ever revenue distribution figure in the history of our country. These are the much-needed resources being freed up for investment in critical areas of the economy.
“At the federal level, these revenues are already financing impactful initiatives like the consumer credit scheme, students loan fund, presidential grants & loans scheme, the MSME clinics, 3 million technical talent programme (3MTT), presidential CNG initiative, massive road infrastructure projects, among many others. In the spirit of our federation, the various state and local governments also have their policies and programmes, meant to complement ours,” he said.
President Tinubu noted that, alongside the increased revenues being collected and distributed monthly, efforts have also been made to ensure financial autonomy for local governments, which are the closest tier of government to the people.
The President urged the media to help spread awareness about the reforms to improve public understanding, stressing their vital role in combating misinformation and providing Nigerians with accurate and meaningful information.
He congratulated the winners of the 2024 NNMA Awards and their respective organizations, while reaffirming his administration’s commitment to upholding the fundamental rights of the press.
“My administration is committed to ensuring that the fundamental rights of the press are guaranteed. It is in the interest of Nigeria and her fledging democracy that the media and civic spaces are protected at all times. This guarantee of media freedom comes with the associated obligation to exercise responsibility in the exercise of that freedom, especially in this digital age with its unstoppable viral mechanisms that sadly appear to favour falsehoods more than truth,” he stated.
President Tinubu expressed appreciation for the courage and determination of the Nigerian media in fostering and defending the country’s valued democracy. He acknowledged that Nigerian journalists, both locally and internationally, are recognized for excelling at every level of the profession, earning awards and global recognition.
As part of his administration’s commitment to fighting misinformation, disinformation, and hate speech in Nigeria, the President revealed that he had recently approved funding for the launch of the UNESCO Media and Information Literacy Institute (MIL), the first of its kind globally, which will operate within the National Open University of Nigeria (NOUN) in Abuja.
He explained that the MIL aims to provide Nigerians with the skills to distinguish between credible sources and misinformation, promoting critical thinking in an age where fake news, propaganda, and biased reporting can significantly impact public opinion and decision-making.
