President Bola Tinubu has urged Nigerians not to be apprehensive about the new tax regime scheduled to take effect in 2026, assuring them that the policy will bring relief to the poor, low-income earners and small businesses.
The President gave the assurance on Tuesday at the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday lecture of the late former governor of Oyo State, held at the University of Ibadan.
The event, themed “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy,” was organised by the Senator Abiola Ajimobi Foundation in collaboration with the Institute of Peace and Strategic Studies, University of Ibadan.
It attracted friends, associates, family members and partners of the late governor and was chaired by a former Governor of Ogun State, Olusegun Osoba.
Recall that Ajimobi, who governed Oyo State between 2011 and 2019, died in June 2020, a year after leaving office.
Tinubu’s message was delivered by the Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji, who commended the late governor for the reforms he initiated during his tenure.
“We shared many ideals. He believed that a leader must take the people he governs to the height they ought to be, even if it involves making tough choices and decisions that may engender initial discomfort but would, in the long run, catapult the state to greater development,” the President said.
Tinubu said recent economic reforms undertaken by his administration were necessary to revitalise the economy, adding that early indicators showed positive outcomes.
“As recent evidence has shown, the drastic economic measures our administration undertook were necessary to revitalise the economy. Investors have since reaffirmed their confidence as the fruits of our reforms become manifest through robust macroeconomic indicators.
“Our GDP is growing, inflation is tumbling, and improvements are being recorded in the fiscal deficit. Companies that were previously posting losses have returned to profitability, with improved capacity utilisation and increased investment levels,” he said.
The President said Nigerians would begin to feel the impact of the reforms more strongly in the coming year, particularly through the new tax laws.
“The impact of these improvements will be felt more by Nigerians, particularly in the new year, with huge reliefs coming from the new tax laws, which exempt food, medication, education, agriculture and shared transportation from burdensome taxes and free businesses from multiple taxation.
“I want to assure Nigerians that there should be no apprehension about the new tax laws, which implementation will begin next year. The laws come with good news for the poor, low-income earners and small businesses,” Tinubu added.
He also commended the wife of the late governor, Ambassador-designate Florence Ajimobi, for sustaining the family’s legacy.
Concluding his address, Tinubu urged leaders and members of the All Progressives Congress in Oyo State to unite ahead of the 2027 elections.
“The best tribute and honour you can give to our departed statesman is to unite and strengthen the party to take over the reins of government in this state in 2027. This is achievable, and it must be achieved,” he said.
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