Old tax law impoverished Nigerians, new reforms will drive prosperity — Tinubu

President Bola Tinubu has said outdated tax structure contributed to economic hardship and inefficiency, insisting that ongoing reforms will unlock prosperity, improve fairness, and attract investment.

He made the statement on Tuesday in Abuja during the commissioning of the 16-storey headquarters of the Nigeria Revenue Service, attended by top government officials, lawmakers, governors, and private sector leaders.

Tinubu blamed colonial-era tax laws for long-standing fragmentation in the system, saying they weakened economic performance.

He said: “Colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity, and inconsistencies.”

He added that the new system is designed to correct these issues and improve national development: “The new tax system is designed to be people-centred and investment-friendly, thereby advancing the nation’s development goals.”

The President said the tax overhaul is part of broader efforts to rebuild confidence in public institutions and strengthen Nigeria’s fiscal foundation.

According to him: “No serious nation can achieve lasting prosperity on a weak and fragmented revenue system.”

He also described the reforms as a deliberate effort to modernise governance: “The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment.”