President Bola Tinubu has asked the media to endorse his administration’s proposed tax reforms, characterising them as an important step towards establishing long-term national wealth and prosperity for all Nigerians.
The President, represented by Minister of Information and National Orientation Mohammed Idris, spoke at the 2024 Nigerian Media Merit Awards on Sunday evening at Lagos’ Muson Centre.
President Tinubu remarked that, while opinions on the specifics of the proposed tax reforms varied, there is universal agreement on the necessity for a fundamental revamp of the current tax administration system.
He believes that the ongoing conversation on tax reforms will result in many areas of agreement.
“I am convinced that our policies are deliberate and well thought out. We are on track to restore Nigeria, which would necessitate a holistic approach that includes economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth.
“Among our several major reforms is the one focused on taxation, which is by far one of the most profound steps required to put Nigeria on the path of long-term national riches and prosperity for all of our people. The Nigerian tax administration system is widely acknowledged to need improvement. We may not all agree on every detail of the needed reform, but there will be many areas of convergence,” he remarked.
President Tinubu stated that the tax measures before the National Assembly aim to reduce the number of taxes, lessen the burden on poor Nigerians, improve the amount of taxes paid to states, and promote economic growth through targeted incentives.
He stated that the overall goals of the Renewed Hope Agenda reforms, such as subsidy elimination, unification of multiple exchange rates, and tax restructuring, were well-thought-out, bold but necessary steps designed to free up resources and redirect them towards economic growth, infrastructure development, and human capital advancement.
“Just days ago, the Federation Accounts Allocation Committee reported the largest revenue distribution statistic in our country’s history. These are much-needed resources that may now be invested in key areas of the economy.
“At the federal level, these revenues are already funding impactful initiatives such as the consumer credit scheme, student loan fund, presidential grants and loans scheme, MSME clinics, 3 million technical talent program (3MTT), presidential CNG initiative, and massive road infrastructure projects, among many others. “In the spirit of our federation, the various state and local governments have their policies and programs that complement ours,” he remarked.
President Tinubu stated that, in addition to the increased funds received and disbursed monthly, efforts were made to ensure financial autonomy for local governments, the closest tier of government to citizens.
The President urged the media to highlight the narratives surrounding the reforms to improve public comprehension, emphasising their essential role in combating misinformation and providing Nigerians with accurate and relevant information.
He congratulated the 2024 NNMA Award recipients and their respective organisations and emphasised his administration’s commitment to ensuring the press’s fundamental rights are protected.
“My administration is determined to ensure that the fundamental rights of the press are protected. It is in the best interests of Nigeria and her fledgling democracy to preserve the media and civic spaces at all times. This protection of media freedom is accompanied by the requirement to exercise responsibility in the exercise of that freedom, particularly in this digital age with its unstoppable viral processes that, unfortunately, appear to favour falsehoods over truth,” he said.
President Tinubu, who thanked the Nigerian media for its courage and determination in establishing and defending the country’s long-cherished democracy, stated that Nigerian journalists, both at home and abroad, are known for excelling in every level of the profession, winning prizes and global accolades.
As part of his administration’s commitment to combating misinformation, disinformation, and hate speech in Nigeria, the President announced that he had recently approved funding for the establishment of the UNESCO Media and Information Literacy Institute (MIL), the world’s first of its kind, to be housed at the National Open University of Nigeria (NOUN), in Abuja.
He stated that the MIL’s goal is to teach Nigerians how to distinguish between reliable sources and misinformation, developing critical thinking in a period where false news, propaganda, and biased reporting may have a significant impact on public opinion and decisions.
