Tinubu Urges Media to Champion Tax Reforms for Nigeria’s Economic Renewal

In a resounding call to action, President Bola Tinubu has urged the Nigerian media to lend their support to his administration’s ambitious tax reform agenda, describing it as pivotal to the nation’s journey toward sustainable wealth and inclusive prosperity. Speaking at the 2024 Nigerian Media Merit Awards held at the Muson Centre in Lagos, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris, outlined the administration’s vision for a restructured tax system that would stimulate economic growth and reduce inequality.

The President acknowledged the inevitability of differing opinions on the specifics of the proposed tax reforms but emphasized a shared understanding of the need to overhaul Nigeria’s tax administration system. He expressed optimism about achieving consensus through ongoing dialogue.

“Our policies are deliberate and well-thought-out,” Tinubu stated. “We are headed toward the restoration of Nigeria, on a path requiring a comprehensive approach that addresses economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth.”

Central to this vision is the administration’s Renewed Hope Agenda, which encompasses critical reforms such as subsidy removal, exchange rate unification, and tax restructuring. These measures, the President noted, are bold but necessary steps designed to free up resources for economic growth, infrastructure development, and investment in human capital.

The proposed tax reforms, currently under review by the National Assembly, aim to:

- Streamline the number of taxes to simplify compliance.
- Ease the burden on vulnerable Nigerians, ensuring fairness in the system.
- Enhance revenue allocation to states, empowering them to address local development needs.
- Encourage business growth through targeted tax incentives.

These reforms are not just about increasing government revenue; they represent a shift toward a tax system that fosters economic activity, reduces inequality, and creates an environment conducive to wealth creation.

President Tinubu also highlighted the critical role of the media in shaping public perception and fostering understanding of these reforms. He urged media practitioners to amplify accurate narratives about the reforms and counter misinformation.

“You have a duty to guide Nigerians with accurate and purposeful information,” Tinubu remarked, emphasizing the media’s power to bridge the gap between government policy and public understanding.

The President further noted the strides made in ensuring financial autonomy for local governments, describing them as the tier of government closest to the people and crucial for grassroots development.

Nigeria’s tax reforms come at a time when the country faces the dual challenge of addressing fiscal constraints and promoting equitable development. The administration’s focus on a more efficient and inclusive tax system is a step toward balancing these objectives.

As Nigeria embarks on this transformative journey, the media’s role as a conduit of information and a platform for dialogue becomes indispensable. By supporting the discourse on tax reforms and presenting accurate information to the public, the media can help create the understanding and buy-in needed for the success of these initiatives.