Tax reforms is here to stay – Tinubu

President Bola Tinubu has said there is no going back on the tax reforms his administration has embarked on.

The president said this during the presidential media chat Monday night.

“Tax reform is here to stay we cannot keep doing what we have done before and expect a change,” the president said.

“The essence of the tax bill is to eliminate the assumption of colonialism I was once a governor of Lagos State it is a large state now and it is still expanding. The greatest real estate value is there you have to accommodate all of that you have to put all of that into the economic calculation.”

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When asked about the criticisms surrounding the value-added Tax increase in the proposed reforms, the president said a situation without outcry is not possible.

“You cannot satisfy uniformly a larger community of tax invaders,” he said. All we are asking for is to widen the tax net, make the cake larger and let us share a larger meal. They will still ask for this consultation no matter how long I delay it.”

He said the hallmark of a good leader is the ability to do what you have to do at the time it ought to be done.

“That’s my philosophy you have given me the mandate to govern let me govern within the limit of my capacity and I believe I have the capacity I believe so that’s why I went into the race.”

“I am focused. I know what Nigerians need, and I know what I must do for Nigerians. It is not going to be El Dorado for everybody, but the new dawn is here. I am convinced, and you should be convinced, too. You should help propagate that convention,” he said.

Food security

Speaking on the issue of food security, the president said it is very sad to look back at what had happened in the past, but very promising to look at what the future holds and what is currently being achieved. He pointed to the ministry of livestock development as an example of how to solve the food security problem.

“I have been traveling around the globe to campaign and sell Nigeria. And livestock is a way to prosperity we have what it takes we have the arable land we have animal stock,” the president said.

“We have the opportunity. We just have to remove the conflicting elements and commercialise the venture. I went to Brazil I saw what is happening there and within two days, I got a pledge of $2.5 million and they’re bringing it here to this Nigeria. To turn what we see as tragedy to opportunity and prosperity.”

“We can feed ourselves and we can sell to other people. Some ministers are in Saudi Arabia now discussing the opportunity for food growth and supply for more investments in our agriculture business.

The president said more incentives will be given to the farmers to mordernise the way they work, making it faster and easier.

“Give more incentive to the farmer with low interest rate,” he said. “It is not done to go back to my grandfather’s method of farming make it manageable and sexier to work with tractors. I have over 2,000 tractors on the way coming to Nigeria.”

No price control

Asked if there will be price control to make commodities affordable for Nigerians, president Tinubu dismissed the idea saying it the market should be left to control itself.
“I don’t believe in price control,” he said. “We will just continue to supply the market there are middle men who are making life unbearable. But it is a question of supply and demand.”

He maintained that there will come a time when the economic variable will work against the hoarders and gougers. He used the fuel pump price and the sales of crude as an example. He noted that there was resistance when he first introduced the crude sales in naira, but after a while the market took its toll and prices are coming down.

The fight against corruption

The president said his method of fighting corruption is by eliminating its enablers. He said his administration is putting in places amenities that will make corruption unappealing.
“I have moved minimum wage from N35,000 to N70,000,” he said. To me that is anti-corruption. I am giving more money to the state and local government I have been transparent with my earnings. Every month there is publication as to how much this country is making.”

He said removal of subsidy is part of his anticorruption move. However, he acknowledged that it is difficult to totally eliminate it, instead, he said he is working to reduce it to the barest minimum.

“Meet the people’s need,” he said. Help the people grow, help them with the education of their children. Our student loan is part of anticorruption. No parents should lament. But they should encourage their children in education university education.”