President Bola Tinubu has said that old tax laws impoverished Nigerians through fragmentation, multiplicity, and inconsistency.

Mr Tinubu, who spoke at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters in Abuja on Tuesday, assured Nigerians that the new reforms will deliver greater prosperity and inclusivity.

“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,” the president said.

Despite widespread criticism, especially from stakeholders, the Tinubu-led administration implemented the re-gazetted tax laws in January.

Mr Tinubu, who stated on Tuesday that the new tax system was designed to be people-centred and investment-friendly, explained that the laws were intended to liberate the economy from the constraints of archaic laws and make it more globally competitive. 

While commending the Nigeria Revenue Service chairman, Zacch Adedeji, for his exceptional performance and the successful completion of the building, Mr Tinubu said no serious nation can achieve lasting prosperity on a weak and fragmented revenue system.

He added, “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. 

“No serious nation can achieve lasting prosperity on a weak and fragmented revenue system. No government can demand trust from its citizens when taxation is opaque, inefficient or unjust. That is why this administration took the bold decision to embark on far-reaching tax and fiscal reforms.”

The president further addressed concerns about the new tax reforms, assuring Nigerians of better performance by the revenue service. 

“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. 

“The early results are encouraging and fantastic. Mr Adedeji, thank you very much. We are witnessing improved fiscal stability, strength, stronger foreign reserves, a more efficient trade ecosystem and increased investor confidence in Nigeria’s economic direction,’’ Mr Tinubu said.