President Bola Tinubu has vowed to veto tax reforms bills.
NewsOnline Nigeria reports that President Bola Tinubu has reaffirmed his administration’s commitment to implementing comprehensive tax reforms, stating that they were essential for Nigeria’s economic transformation.
This Nigeria news platform understands that there have been uproar over the four Executive Bills on Tax Reforms sent to the National Assembly by President Tinubu in the last few weeks.
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But, speaking during his maiden presidential media chat with select journalists in Lagos on Monday night, Tinubu stressed that the reforms aimed to modernise the tax system, broaden the revenue base, and support the nation’s development goals.
“Tax reforms are here to stay. We cannot just continue to do what we were doing yesterday,” Tinubu declared. “We cannot retool this economy with the old broken pot.”
The President emphasised that the tax reforms were designed to be pro-poor and inclusive, targeting the expansion of the tax net rather than burdening low-income earners.
“All we ask for is to widen the net, make the cake larger, so we can share a larger meal,” he explained.
Tinubu highlighted the importance of eliminating outdated colonial-era taxes, describing them as ineffective for Nigeria’s current economic realities.
He also underscored the need to address tax evasion, stating, “You cannot satisfy a larger community of tax invaders.”
The President asserted that his administration was focused on making tough but necessary decisions to stabilise the economy.
“A hallmark of a good leader is to do what needs to be done at the right time. I believe I have the capacity,” Tinubu said, adding that the reforms represented a “new dawn” for Nigeria.
While acknowledging that the transition will not be easy for everyone, Tinubu stressed the importance of staying the course. “It will not be El Dorado for everyone, but I am laser-focused on what Nigeria needs and what I must do for Nigerians,” he said.
Tinubu also defended his cabinet’s performance amid calls for reshuffling, asserting that his ministers were adding value and effectively managing their assignments.
“Nigeria is a large country. I need my cabinet; they are adding value effectively,” he said, dismissing criticism of their performance.
The President reiterated that job assignments in his administration were carefully structured to ensure efficiency and impact. “
“You don’t give someone an assignment they cannot fulfill. Job descriptions must be efficient and effective,” he explained.
Tinubu concluded by expressing confidence in the direction of his administration, urging Nigerians to embrace the changes necessary for long-term prosperity. “The essence of tax reform is to create a system that supports growth and development. The new dawn is here, and I am convinced,” the President stated.
