President Bola Ahmed Tinubu has said outdated tax laws inherited from the colonial era contributed significantly to economic hardship in Nigeria, stressing that the reforms introduced by his administration are aimed at creating prosperity and expanding opportunities for citizens.
The President made the remarks during the commissioning of the new 16-storey headquarters of the Nigeria Revenue Service in Abuja, the nation’s capital.
According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the old tax framework was plagued by fragmentation, multiplicity and inconsistencies that weakened national prosperity and hindered economic growth.
Tinubu explained that the new tax reforms implemented by his administration were designed to build a more inclusive, investment-friendly and people-centred revenue system capable of supporting long-term economic development.
He noted that the reformed tax structure, which became fully operational in January, was introduced to replace outdated colonial systems and strengthen Nigeria’s fiscal foundation.
Speaking at the event, the President recalled his commitment to economic reforms made during his inauguration.
“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.
“Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people.”
Tinubu emphasised that the reforms were not merely policy adjustments but part of a broader national effort to restore financial stability, improve transparency in revenue generation and rebuild public trust in government institutions.
He said the commissioning of the new headquarters symbolised the government’s determination to strengthen Nigeria’s fiscal institutions.
“We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions.”
The President also commended the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, for delivering the new headquarters within 30 months.
The facility, he said, would accommodate about 3,000 staff and is equipped with modern infrastructure including a data processing centre, clinic, auditorium, training rooms, gymnasium and library.
Tinubu added that no nation could achieve sustainable prosperity with a weak or fragmented revenue system, stressing that his administration adopted far-reaching tax and fiscal reforms to address long-standing inefficiencies.
He also praised the Minister of State for Finance, Taiwo Oyedele, for his role in modernising Nigeria’s tax framework.
Addressing concerns raised by some stakeholders about the reforms, Tinubu said the new system was designed to simplify taxation, eliminate distortions and promote fairness while protecting vulnerable Nigerians.
“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment.
“Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.”
Tinubu added that early signs of the reforms were already evident in improved fiscal stability, stronger foreign reserves and growing investor confidence in Nigeria’s economy.