President Bola Tinubu has reiterated his unwavering commitment to the tax reforms introduced by his administration, despite facing significant backlash, particularly from the northern region of the country. Speaking during his first presidential media chat televised on Monday night, Tinubu emphasized that reverting to past policies would not revive Nigeria’s economy.
“In today’s economy, we cannot simply keep doing what we have been doing for years; tax reform is here to stay,” Tinubu declared.
Tinubu underscored his determination to implement measures that will transform the country’s economy, even if the changes are initially unpopular.
“I am focused on what Nigeria needs and what I must do for Nigeria. It is not just going to be Eldorado for everybody, but the new dawn is here,” he said.
On October 3, the president forwarded four tax reform bills to the National Assembly. These bills aim to overhaul Nigeria’s taxation framework to boost government revenue and streamline economic policies.
Resistance and Controversies
The proposed reforms have sparked widespread controversy, particularly in the northern region, where opposition to the bills has been intense. In response to the backlash, the National Economic Council (NEC) recommended that the president withdraw the bills to allow for broader consultations.
However, Tinubu rejected the suggestion, insisting that the bills must proceed through the legislative process to ensure the economic reset Nigeria needs.
“The old broken book is not a viable solution for reviving the economy,” Tinubu stated, dismissing calls to abandon the reforms.
The tax reform initiative is a cornerstone of Tinubu’s economic policy, aimed at addressing fiscal challenges and creating a sustainable revenue base. While the reforms have met resistance, they signal the administration’s commitment to long-term economic recovery and growth.
As the legislative process unfolds, the nation watches closely to see how these reforms will shape Nigeria’s economic future.
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