Tax Reforms Are Here To Stay, Says Tinubu

Tax Reforms Are Here To Stay, Says Tinubu

LAGOS—President Bola Tinubu stated yesterday that tax reforms are a permanent feature of his administration, although he expressed willingness to negotiate the contentious bills…READ MORE…

He also reiterated that he has no regrets regarding the removal of the fuel subsidy.

During his first presidential media interaction, President Tinubu encouraged Nigerians to remain hopeful, acknowledging their struggles and emphasizing that improvements are on the horizon.

He remarked, “Tax reform is here to stay. Why is this important today? Matters concerning taxation require ongoing discussions, evaluations, and negotiations until compromises are reached. I am open to making adjustments.

“We cannot continue operating the way we used to in today’s economic landscape. We must innovate this economy; we cannot repurpose it with outdated methods. I believe I possess the capability to lead these changes, which is why I ran for office. My focus is on what Nigeria truly needs.

“While we are not in a perfect situation yet, a new era has begun, and I am optimistic about the future.”

When asked if he would reduce his cabinet size to lower government costs, Tinubu responded: “I will not reduce the size of my cabinet. I recognized the requirements when I assembled it. Assignments must be manageable and fulfillable. Given Nigeria’s vast population, we must consider the number of individuals needed to serve effectively. Our focus should be on efficiency—this is the principle guiding my cabinet, and I am committed to its current size. Every minister is contributing value.”

Addressing recent tragedies in Oyo, Anambra, and the FCT, he expressed sorrow over the loss of lives, particularly children. “It’s a tragic situation to lose anyone, especially young ones. We must evaluate whether we are assessing the organizers’ intentions or their goodwill in giving. It is unfortunate that we lack proper organization. We need to foster discipline in our society and extend condolences to those who lost loved ones.”

Reflecting on his charitable activities, he noted the importance of organization: “I have distributed food and commodities for 25 years without incident, thanks to proper planning. If you do not have enough to give, do not attempt to. Every society has structured ways to handle charitable events, including the United States with its food banks. Our lack of organization is evident in daily life, such as at bus stops.”

He acknowledged the difficulties many households are facing while stating, “This error lies heavily on the organizers. However, we are progressing.”

When questioned about whether he could have delayed the subsidy removal had there been contingency plans, he stated: “What contingency plans? We were depleting our future resources and failing to invest wisely. Reforms were essential. I witnessed pushback from smugglers, but that doesn’t concern me. We cannot sustain expenses without corresponding revenues. We must manage our resources responsibly.”

Regarding the fuel subsidy removal, he affirmed: “It was a decision made against unwarranted fears. Regardless of how you segment the issue, the bill must still be addressed. We must manage our resources. If we wish to support neighboring nations without accountability, we risk financial disaster. I have absolutely no regrets in removing the subsidy; it was vital for our future inheritance and prosperity.”

On fiscal issues such as debt servicing and borrowing, he stated: “Borrowing is not inherently wrong; it’s crucial to address our infrastructure deficits. We must allocate funds for long-term development. Previous mistakes should not cloud our vision of national prosperity. We need to confront our challenges head-on to create a better future.”

Commenting on his confidence in the current security services, he noted: “I believe in my security team’s capabilities. I will not replace my service chiefs based on their approach. Fighting threats requires investment in technology, training, and proper resources. We cannot allow past incidents to undermine current efforts; our enemies are always watching, and we must remain vigilant for public safety.”

Finally, regarding Ways and Means, he conveyed: “We have moved beyond the previous reliance on Ways and Means, as our revenue generation has improved. Nigeria is progressing, and while we can’t accomplish everything in a year, I don’t see this as an excuse.

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