Tinubu Unveils New Tax Reform to Combat Poverty

President Bola Tinubu addressed the impact of outdated colonial tax laws on Nigeria's economy, asserting that they have contributed to widespread poverty. During an event at the Nigeria Revenue Service headquarters in Abuja, Tinubu announced a new tax reform designed to create an inclusive, investment-friendly system that will drive long-term economic growth.

This new tax system is set to become fully operational in January, replacing the outdated colonial framework. Tinubu emphasized the importance of restoring public trust in government institutions and pledged to confront structural weaknesses to stabilize the economy.

He praised the role of Minister of State for Finance Taiwo Oyedele in modernizing the tax framework and highlighted the need for a simplified taxation system that eliminates distortions and promotes fairness. The new headquarters for the Nigeria Revenue Service, constructed by China Civil Engineering Construction Company, was also noted as a significant milestone in strengthening Nigeria's fiscal foundation.