President Bola Ahmed Tinubu has stated that colonial-era tax laws played a major role in worsening economic hardship in Nigeria.
He explained that the old tax system was marked by fragmentation, multiple layers, and inconsistencies, which weakened the country’s economic growth and prosperity.
This was made known by his Special Adviser on Information and Strategy, Bayo Onanuga, in a statement titled “Old tax laws made Nigerians poor, new systems will create opportunities and prosperity, says President Tinubu.” The statement followed the commissioning of the 16-storey headquarters of the Nigeria Revenue Service in Abuja.
Tinubu noted that the tax reforms introduced by his administration are aimed at creating a more inclusive, investment-friendly, and people-focused system that will support long-term economic growth. According to him, the new system, which became fully operational in January, replaces outdated colonial structures and strengthens Nigeria’s fiscal foundation.
Reaffirming his commitment, Tinubu recalled the promises made during his inauguration, emphasizing that they were not mere words but a serious commitment to Nigerians. He said his administration is focused on addressing structural weaknesses, restoring financial stability, and building an economy based on discipline, fairness, and opportunity.
He described the reforms as a deliberate step toward establishing a transparent and efficient revenue system that can support national development and rebuild public trust in government institutions.
The President also commended the Executive Chairman of the NRS, Zacch Adedeji, for completing the new headquarters within 30 months. The facility is expected to accommodate about 3,000 staff and includes modern features such as a data processing centre, clinic, auditorium, training rooms, gym, and library.
Tinubu stressed that the commissioning of the building represents more than just infrastructure, describing it as a significant step in strengthening Nigeria’s fiscal system and restoring confidence in public institutions.
He added that no country can achieve sustainable economic growth with a weak or disjointed revenue system, noting that his administration chose to implement far-reaching tax and fiscal reforms to correct longstanding inefficiencies.
He also praised the Minister of State for Finance, Taiwo Oyedele, for his contributions to modernising the tax framework.
Addressing public concerns, Tinubu assured that the reforms are designed to simplify the tax system, remove distortions, and ensure fairness, while also protecting vulnerable citizens.
He maintained that the goal is to create a system that encourages enterprise, supports growth, and ensures that citizens see value in their contributions.
According to the President, early signs of the reforms are already evident in improved fiscal stability, stronger foreign reserves, and increased investor confidence.