Bola Tinubu has said Nigeria’s old colonial-era tax laws contributed significantly to economic hardship, citing fragmentation and inconsistencies in the country’s previous fiscal framework.
Speaking during the commissioning of the new headquarters of the Nigeria Revenue Service in Abuja, Tinubu said the outdated system weakened national prosperity and hindered growth. He noted that his administration’s tax reforms were introduced to replace these structures with a more efficient and inclusive system.
According to the President, the new tax regime, which became fully operational in January, is designed to promote investment, enhance transparency, and support long-term economic development. He described the reforms as part of a broader effort to rebuild confidence in public institutions and strengthen Nigeria’s fiscal foundation.
Tinubu reiterated his commitment to economic transformation, saying his administration is focused on addressing structural weaknesses and creating opportunities for citizens. He stressed that no nation can achieve sustainable prosperity with a weak or fragmented revenue system.
He commended the Executive Chairman of the NRS, Zacch Adedeji, for delivering the 16-storey facility within 30 months. The building is expected to accommodate about 3,000 staff and includes modern infrastructure such as a data centre, training rooms, and a clinic.
The President also acknowledged the contributions of the Minister of State for Finance, Taiwo Oyedele, in advancing the tax reform agenda.
Addressing concerns about the new system, Tinubu said the reforms aim to simplify taxation, eliminate inefficiencies, and ensure fairness while protecting vulnerable citizens. He added that early outcomes include improved fiscal stability, stronger foreign reserves, and increased investor confidence.
Overall, Tinubu maintained that the reforms are critical to building a resilient economy that rewards enterprise and delivers value to Nigerians.
