President Bola Tinubu has reaffirmed his commitment to the contentious tax reforms introduced by his administration, stating there will be no reversal of the policy.
During his first presidential media chat on Monday night, Tinubu emphasised that Nigeria’s economy cannot thrive under outdated systems and pledged to implement necessary changes to ensure economic growth.
“Tax reform is here to stay,” he declared. “We cannot just continue to do what we were doing year after year in today’s economy. We cannot retool this economy with the old broken books. I believe I have the capacity for this, which is why I entered this race.”
The President expressed confidence in the reforms, describing them as a necessary step towards a “new dawn” for Nigeria. “It is not going to be an Eldorado for everyone, but the new dawn is here, and I am convinced of its necessity,” he added.
The tax reforms, formalised through four bills forwarded to the National Assembly on 3 October, have sparked widespread debate and significant opposition, particularly from the Northern region of the country.
In light of the backlash, the National Economic Council advised Tinubu to withdraw the bills for further consultation. However, the President rejected the recommendation, insisting that the proposed legislation should proceed through the proper legislative processes.
Tinubu’s stance underscores his administration’s determination to pursue fiscal reforms as a cornerstone of its economic strategy, despite facing resistance from various quarters.