President Bola Tinubu says his administration’s reforms are
a critical step to building enduring national wealth and prosperity for all
Nigerians.
Mohammed Idris, minister of information and national
orientation, delivered the president’s remarks on Sunday at the 2024 Nigerian
Media Merit Awards, which held at the Muson Centre in Lagos.
Tinubu said while opinions may differ on the details of the
proposed tax reforms for instance, there is a national consensus on the need
for a complete overhaul of the current tax system.
“I will say with every sense of conviction that our policies
are deliberate and well thought-out,” he said.
“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.
“Among our various landmark reforms is the one focused on
tax, by far one of the most profound steps necessary for setting Nigeria onto
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.”
Tinubu said the tax bills before the national assembly aim
to streamline the number of taxes and ease the burden on vulnerable Nigerians.
He said the reforms would also increase the share of taxes
going to the states and foster business growth through targeted incentives.
“Just days ago, the federation accounts allocation committee
recorded the highest-ever revenue distribution figure in the history of our
country,” he added.
“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, students loan fund,
presidential grants & loans scheme, the MSME clinics, 3 million technical
talent programme (3MTT), presidential CNG initiative, massive road
infrastructure projects, among many others.
“In the spirit of our federation, the various state and
local governments also have their policies and programmes, meant to complement
ours.”
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