President Bola Tinubu on Thursday said one of his administration’s most impactful achievements was its bold tax reform agenda, which had started yielding results.
The President said this in a statement to mark the second anniversary of his administration.
He said by the end of 2024, the country’s tax-to-GDP ratio rose from 10 per cent to over 13.5 per cent, a remarkable leap in just one year.
He said this was a result of deliberate improvement in tax administration and policies designed to make the tax system fairer, more efficient and more growth-oriented.
“We are eliminating the burden of multiple taxation, making it easier for small businesses to grow and join the formal economy. The tax reforms will protect low-income households and support workers by expanding their disposable income.
“Essential goods and services such as food, education, and healthcare will now attract 0 per cent VAT. Rent, public transportation, and renewable energy will be fully exempted from VAT to reduce household costs further.
“We are ending the era of wasteful and opaque tax waivers. Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors,” said Tinubu.
He added that these reforms were not just about revenue but about stimulating inclusive economic growth.
For instance, he said, there was a deliberate focus on youths, who a friendlier tax environment for digital jobs and remote work would empower.
He said through export incentives, Nigerian businesses would be able to compete globally.
Tinubu added that his administration’s National Single Window project has streamlined international trade, reduced delays, and enhanced Nigeria’s competitiveness.
“To promote fairness and accountability, we are establishing a Tax Ombudsman, an independent institution that will protect vulnerable taxpayers and ensure the system works for everyone, especially small businesses.
“Most importantly, we are laying the foundation for a more sustainable future by introducing a new national fiscal policy.
”This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending.
“These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.
“Together, we are creating a system where prosperity is shared, and no one is left behind,” the President stated.
Tinubu restates commitment to security, safety of Nigerians
President Bola Tinubu says his administration is committed to the security and safety of Nigerians.
The president said this in a statement on Thursday to mark the second anniversary of his administration.
“Without a responsive and reliable national security infrastructure that can protect lives and properties, our economy will not perform optimally, and those who seek to harm us will impair and disrupt our way of life.
“For our government, protecting our people and their peaceful way of life is the utmost priority,” said Tinubu.
He stated that his administration had improved collaboration among security agencies, increased intelligence-driven operations, and better ensured the welfare of the armed forces and security personnel.
“I use this opportunity to salute the courage and everyday sacrifice of our service men and women.
“We may not always witness the tremendous efforts they make to keep us safe, but we benefit every day from the results of their dedication.
“Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.
“Our military, police, and intelligence agencies are committed to always responding to emerging security threats and new challenges because it is the patriotic duty they owe a grateful nation,” the president stated.
He said amid the new security challenges, he could report some successes.
Tinubu said in some areas of the North-West hitherto under the control of bandits, the gallant armed forces had restored order, reducing and eliminating threats to lives and livelihoods.
With the success achieved, he said, farmers were back tilling the land, and that highways, hitherto dangerous for travellers, had become safer.
“Our security agencies have succeeded many times in rescuing the abducted citizens from the hands of their tormentors.
“I promise you, we shall remain vigilant, as I told security chiefs during the last meeting to up their game and collaborate to end this plague of evil men. Every Nigerian deserves to live without fear,” the president reassured.