Tax Reforms Will Streamline Administration, Promote Fair Resource Allocation: Tinubu

President Bola Tinubu urged the media to support his administration's proposed tax reforms, calling the latter a foundation for creating lasting wealth and prosperity for all Nigerians.

During the 2024 Nigerian Media Merit Awards held at the Muson Centre in Lagos on Monday, the president emphasized that the ongoing discussions about the four proposed Tax Bills in the National Assembly showed the collaboration needed to strengthen the country's democracy, Punch reported.

Tinubu, represented by Information and National Orientation Minister Mohammed Idris, noted that there was a broad agreement on the need to completely overhaul the current tax system, even though there were different opinions on the specifics of the proposed reforms. He stressed that tax reforms were crucial for achieving lasting national wealth and prosperity for all Nigerians.

The president expressed confidence that his administration's policies were carefully planned and aimed at restoring Nigeria. He also highlighted the importance of a comprehensive approach that covered economic diversification, human capital development, infrastructure, wealth creation, and inclusive growth.

He explained that the proposed tax bills in the National Assembly aimed to simplify taxes, reduce the burden on vulnerable Nigerians, increase the share of taxes going to the states, and encourage business growth with targeted incentives.

The president mentioned that the Federation Accounts Allocation Committee recently recorded the highest-ever revenue distribution in the country's history. This increase in resources was expected to be invested in key areas of the economy.

At the federal level, the government was using these revenues to fund important programs, including the consumer credit scheme, student loan fund, presidential grants and loans, MSME clinics, the three million technical talent program, the presidential CNG initiative, and large-scale road infrastructure projects.

He also noted that state and local governments have their own policies and programs that support the federal initiatives.

Tinubu said that his administration was committed to protecting the press's fundamental rights. He stressed the importance of safeguarding media and civic spaces for the benefit of Nigeria and its growing democracy.

He also noted that while media freedom was guaranteed, it came with the responsibility to ensure accuracy, especially in the digital age, where misinformation can spread quickly and easily.