President Bola Tinubu has said Nigeria’s old tax regime, rooted in colonial-era laws, weakened the economy through fragmentation and inefficiency, assuring that ongoing reforms will unlock opportunities and prosperity.
The president spoke yesterday, in Abuja during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service, where he said the new tax system is designed to be fair, transparent and investment-friendly.
“Colonial-era tax laws impoverished Nigerians through multiplicity and inconsistencies. Our reforms are meant to liberate the economy and make it globally competitive,” Tinubu said.
He noted that the reforms, which became fully operational in January, are part of efforts to build an economy anchored on discipline, equity and opportunity.
“These reforms are not rhetoric; they are a covenant with the Nigerian people to restore stability and create shared prosperity,” he added.
The event was attended by Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, ministers, lawmakers and several state governors.
Tinubu said early gains from the reforms include improved fiscal stability, stronger foreign reserves and rising investor confidence.
“These gains are the result of deliberate policy choices aimed at simplifying the system, eliminating distortions and ensuring fairness,” he said.
He described the newly commissioned NRS headquarters as a symbol of institutional reform and improved service delivery.
“The building is more than concrete and steel; it represents professionalism, transparency and efficiency in revenue administration,” the president stated.
Tinubu also commended the Executive Chairman of the NRS, Zacch Adedeji, for driving reforms in the sector, as well as the Minister of State for Finance, Taiwo Oyedele, for leading efforts to modernise the tax framework.
He urged the agency to prioritise trust and accountability. “We must not only collect revenue; we must build trust and ensure fairness in the system,” he said.
In his remarks, Akpabio called on Nigerians to remain patient, noting that the reforms are already producing results.
“Today, we no longer see long fuel queues as before. These are signs that the reforms are working,” he said.
Similarly, Abbas said the reforms have addressed long-standing inefficiencies in the revenue system.
“We moved from fragmented frameworks to a more coherent structure that improves performance and public confidence,” he noted.
Earlier, Adedeji described the new tax framework as one of the most significant reforms in Nigeria’s history.
“We streamlined over 60 fragmented tax laws into a more coherent system that enhances compliance and efficiency,” he said.
He added that revenue collection has grown significantly in recent years, reflecting improved governance and policy direction.