President Bola Tinubu has declared that Nigeria’s old, colonial-era tax laws contributed to widespread economic hardship, assuring that newly introduced reforms will create opportunities, boost investment, and drive inclusive prosperity.
Speaking on Tuesday at the commissioning of the 16-storey headquarters of the Nigeria Revenue Service (NRS) in Abuja, the President said the reformed tax system is designed to be people-centred, transparent, and globally competitive.
According to him, the outdated tax structure was plagued by fragmentation, multiplicity, and inconsistencies, which weakened the nation’s fiscal foundation. He noted that the new system, which became fully operational in January, aims to simplify processes, eliminate distortions, and improve efficiency.
Tinubu reiterated his administration’s commitment to economic reform, recalling his inauguration pledge to address structural weaknesses and restore financial stability.
“We are not gathered here merely to commission an edifice, but to mark a milestone in strengthening our fiscal foundation and rebuilding confidence in public institutions,” he said, adding that no nation can achieve lasting prosperity with a weak and opaque revenue system.
The President commended the Executive Chairman of the NRS, Zacch Adedeji, for delivering the headquarters project within 30 months, noting that the project had been stalled for over two decades. He described the building as a symbol of professionalism, efficiency, and renewed institutional capacity.
He also praised the Minister of State for Finance, Taiwo Oyedele, for leading efforts to modernise the country’s tax framework into a more coherent and accessible system.
Addressing concerns over the reforms, Tinubu assured Nigerians that the new tax regime is not intended to increase the burden on citizens but to expand coverage, improve compliance, and ensure fairness. He added that early results point to improved fiscal stability, stronger foreign reserves, and increased investor confidence.
In his remarks, Senate President Godswill Akpabio urged Nigerians to be patient with ongoing economic reforms, stating that visible improvements are already emerging, including the disappearance of long fuel queues and increased domestic production capacity.
Similarly, Speaker of the House of Representatives Tajudeen Abbas said the reforms have addressed longstanding inefficiencies caused by overlapping tax regimes and weak institutional coordination.
In his welcome address, Adedeji described the commissioning as the culmination of a major institutional transformation, noting that over 60 fragmented tax laws had been streamlined into a unified framework.
He disclosed that Nigeria’s revenue grew significantly from N6.8 trillion five years ago to N28.7 trillion in 2025, attributing the increase to improved systems and governance rather than higher tax rates.
Adedeji also highlighted broader fiscal gains, including increased federation revenue from N711 billion in May 2023 to N3.6 trillion by September 2025, as well as the successful launch of the National Single Window to modernise trade processes and boost revenue generation.
The event was attended by senior government officials, lawmakers, private sector leaders, and several state governors, underscoring broad support for the administration’s fiscal reform agenda.