Back Tax Reforms For Sustainable Wealth Creation, Tinubu Urges Media

President Bola Tinubu has called on the media to support his administration’s proposed tax reforms, describing them as a critical step toward building enduring national wealth and prosperity for all Nigerians.

Represented by the minister of information and national orientation, Mohammed Idris, President Tinubu, in a statement issued by the minister’s media aide, Rabiu Ibrahim, yesterday in Abuja, emphasised that while opinions may differ on the specifics of the proposed tax reforms, there is a national consensus on the need to overhaul the current tax administration system.

He expressed optimism that the ongoing dialogue surrounding the tax reforms would yield significant areas of agreement.

“I will say with every sense of conviction that our policies are deliberate and well-thought-out. We are headed toward the restoration of Nigeria, on a path that requires a comprehensive approach to economic diversification, human capital development, infrastructure enhancement, wealth creation, and inclusive growth.

“Among our various landmark reforms is one focused on tax, one of the most profound steps necessary for setting Nigeria on the path of enduring national wealth and prosperity for all our people. While there may be disagreements on certain details, there will undoubtedly be areas of convergence,” he said.

Tinubu also highlighted that the tax bills currently before the National Assembly aim to streamline the number of taxes, ease the burden on vulnerable Nigerians, increase the share of taxes allocated to states, and foster business growth through targeted incentives.

He explained that the broader objectives of the reforms under the Renewed Hope Agenda, including subsidy removal, unification of multiple exchange rates, and tax restructuring, were bold yet necessary steps to free up resources and redirect them toward economic growth, infrastructure development, and human capital advancement.

“Just days ago, the Federation Accounts Allocation Committee recorded the highest-ever revenue distribution figure in the history of our country.

These are the much-needed resources being freed up for investment in critical areas of the economy.

“At the federal level, these revenues are already financing impactful initiatives such as the consumer credit scheme, the student loan fund, presidential grants and loans, the MSME clinics, the 3 Million Technical Talent Programme (3MTT), the presidential CNG initiative, and massive road infrastructure projects, among others.

“In the spirit of our federation, state and local governments are also implementing policies and programs to complement these efforts,” he said.

President Tinubu further noted that, in addition to the increased revenues being received and distributed monthly, significant efforts had been made to ensure financial autonomy for local governments, the tier of government closest to the people.

The president urged the media to amplify narratives around the reforms to foster better public understanding, emphasizing their critical role in countering misinformation and providing Nigerians with accurate and purposeful information.

He congratulated the 2024 NNMA Award winners and their respective organisations, reaffirming his administration’s commitment to upholding the press’s fundamental rights.

“My administration is committed to ensuring that the fundamental rights of the press are guaranteed. It is in the interest of Nigeria and her fledgling democracy that the media and civic spaces are protected at all times.

“This guarantee of media freedom comes with the responsibility to exercise that freedom responsibly, particularly in this digital age, where falsehoods often spread more rapidly than truth,” he said.

President Tinubu expressed gratitude for the courage and determination of the Nigerian media in fostering and defending the nation’s democracy, noting that Nigerian journalists, both at home and abroad, have distinguished themselves globally, earning numerous accolades.

As part of efforts to combat misinformation, disinformation, and hate speech, the president announced the recent approval of funding for the establishment of the UNESCO Media and Information Literacy Institute (MIL), the first of its kind globally, to be hosted by the National Open University of Nigeria (NOUN) in Abuja.

He explained that the institute aims to equip Nigerians with the skills to differentiate between credible sources and misinformation, fostering critical thinking in an era where fake news, propaganda, and biased reporting can significantly influence public opinion and decision-making.