Tax reforms key to wealth creation — Tinubu

… Seeks media support

President Bola Tinubu has insisted that the tax reforms being undertaken by his administration is the key to wealth creation and sustainable prosperity of Nigerians.

Tinubu, represented by Mohammed Idris, minister of Information and National Orientation, spoke at the Nigerian Media Merit Awards, held on Sunday in Lagos, where he sought the support of the media to successfully implement the reforms.

Tinubu said although there’s been varying views on the specifics of the tax reforms, there is a broad national consensus on the necessity of a comprehensive overhaul of the existing tax administration system.

“I will say with every sense of conviction that our policies are deliberate and well-thought-out. We are headed towards the restoration of Nigeria to 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 on 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 highlighted that the tax bills before the National Assembly aim to streamline the number of taxes, ease the burden on vulnerable Nigerians, increase the share of taxes going to the states and foster business growth through targeted incentives.

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He said the overall objectives of the reforms being implemented under the Renewed Hope Agenda, including subsidy removal, unification of multiple exchange rates, and tax restructuring were well-thought-out steps designed to free resources and redirect them towards economic growth, infrastructure development, and human capital advancement.

“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, student loan fund, presidential grants & loans scheme, the MSME clinics, three million technical talent programme (3MTT), presidential CNG initiative, massive road infrastructure projects, among others”, he noted.