Tax reforms aimed to fight inefficiency, boost revenue —Tinubu
President Bola Tinubu
Tax reforms aimed to fight inefficiency, boost revenue.
President Bola Tinubu has affirmed that the ongoing tax reforms are aimed at boosting revenue generation and addressing inefficiencies in the country’s tax system.
Speaking through his representative, Minister of State for Finance, Doris Uzoka-Anite, at the 27th Annual Tax Conference in Abuja on Tuesday, Tinubu outlined the government’s vision for a robust and transparent tax framework.
The president acknowledged that the theme of the conference, “Taxation for Development, Policies, Law, and Implementation,” is particularly timely, given the ongoing tax reforms that are central to Nigeria’s economic strategy under his leadership.
He further emphasised that a fair, transparent, and efficient tax system is not only vital for financing government activities but also for creating an environment of accountability, stability, and long-term economic development.
“A central pillar of these reforms is taxation.
“I believe that a robust, transparent, and fair tax system is essential not only for financing government operations but also for creating an environment of accountability, stability, and long-term development,” Tinubu said.
He highlighted the creation of the Presidential Committee on Fiscal Policy and Tax Reforms, which was set up to address critical issues such as tax multiplicity, improve coordination between federal, state, and local tax authorities, and curb revenue leakages.
“The committee was tasked with simplifying the tax system, broadening the tax base, curbing leakages, and ensuring alignment between fiscal policy and national development objectives,” Tinubu said.
He also noted that the government had successfully pushed for the passage of the Economy Stabilisation Bill, alongside four other key tax-related bills, aimed at creating a more stable and coherent framework for domestic revenue mobilisation.
“These legislative interventions are designed to provide a stable and coherent framework for domestic revenue mobilization,” he said, echoing the government’s commitment to reforming the tax system.
He further stated that leveraging technology and data analytics to enhance tax compliance is one of the key strategies being employed by the government.
He mentioned that digitising tax processes has already shown positive results, increasing transparency and improving the overall efficiency of tax collection.
Vice President Kashim Shettima also reiterated the Federal Government’s commitment to boosting revenue generation and tackling inefficiencies in the tax system through comprehensive reforms.
Represented by the Special Adviser to the President on Economic Affairs in the office of the Vice President, Dr Tope Fasua, Shettima outlined the critical role of taxation in driving Nigeria’s economic growth and development.
The Vice President commended the leadership of the CITN for its continued efforts in shaping Nigeria’s tax ecosystem.
Shettima emphasised that both taxpayers and tax administrators have a shared responsibility in ensuring the system’s success.
“This is a topic for the times that keeps us all focused on the realities of our economy and society.
“We are at an epoch of great changes, of profound rejigging of the fundamentals of our socio-economy. It takes grit and resolve for a leader to take on the kind of reforms that have been signed up to by the administration of President Bola Ahmed Tinubu,” Shettima said.
He highlighted key reforms that have captured international attention, including changes in the foreign exchange market, the removal of subsidies in the petroleum sector, and the overhaul of the country’s tax and fiscal policies.
Shettima also mentioned the recent labour market reforms that saw a 130% increase in the minimum wage, alongside the government’s ongoing fight against food insecurity and physical insecurity.
“We live in very interesting times as we tackle these foundational issues in the economy to ensure better standards of living for Nigerians,” Shettima said. “Although these reforms have led to some disruptions, we believe that things are beginning to turn the corner, and we expect to see the benefits soon.”
Turning to the issue of local government autonomy and fiscal management, Shettima lauded the progress made by state governments, noting that they had significantly reduced their debt stock and increased internally generated revenue.
He also praised the President’s Buy Nigeria policy, which encourages the use of local contractors and service providers, aiming to stimulate the economy from within and create jobs across rural areas.
“These reforms have positioned our subnational governments to leverage their liquidity for infrastructure development. We are already seeing significant reductions in debt and an increase in revenue generation at the state level,” Shettima added.
As the conference addressed the pressing issues of taxation, Shettima emphasised the need for continued dialogue and collaboration.
He stated that Nigeria’s tax reforms were designed to be pro-poor and progressive, aimed at reducing poverty and ensuring equitable growth.
He called for actionable solutions that would strengthen Nigeria’s tax institutions, promote fiscal responsibility, and create an environment conducive to sustainable economic development.
In his opening remarks, the President of CITN, Samuel Agbeluyi, commended the leadership and members of the Institute for their dedication to improving Nigeria’s tax ecosystem.
He noted that the theme of the conference is timely, particularly as the country continues to address challenges in its fiscal and economic policies.
Agbeluyi emphasised that taxation is not merely a tool for revenue generation but a key instrument for promoting equity, redistributing wealth, and funding essential public services. He stated, “For taxation to truly serve these developmental goals, the triad of policy formulation, legal framework, and implementation mechanisms must be harmoniously aligned.”
According to Agbeluyi, Nigeria’s tax system must build trust, encourage compliance, and contribute to shared prosperity.
He acknowledged the efforts of the Tinubu-led administration, particularly the work of the Presidential Committee on Fiscal Policy and Tax Reforms, which is central to driving sustainable socio-economic development.
The CITN President stressed the importance of the role tax professionals play in the success of these reforms.
