President Bola Tinubu, on Tuesday in Abuja, said colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity, and inconsistencies.
The Presidnet in a statement issued by his Special Adviser to the President on Information & Strategy, Bayo Onanuga assured that the new reforms will deliver greater prosperity and inclusivity.
He emphasised that the new tax system was designed to be people-centred and investment-friendly, thereby advancing the nation’s development goals.
The President made these remarks at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters.
He explained that the new tax laws, which became fully operational in January, are intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.
Tinubu added: “On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope.
” I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.
“Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people.”
The President commended the Executive Chairman of the NRS, Dr Zacch Adedeji, for his exceptional performance and the successful completion of the edifice, which provides a conducive working environment for 3,000 staff, along with a data processing centre, clinic, auditorium, training facilities, a gym, and a library.
He expressed delight that the NRS headquarters was completed in 30 months, after more than two decades since the foundation was laid.
Tinubu added: “We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions.
” No serious nation can achieve lasting prosperity on a weak and fragmented revenue system. No government can demand trust from its citizens when taxation is opaque, inefficient or unjust.
“That is why this administration took the bold decision to embark on far-reaching tax and fiscal reforms,’’ he said.
The Speaker of the House of Representatives, Hon. Tajudeen Abbas, commended the President for strengthening the economy with new reforms.
“For many years, our revenue system struggled less from a lack of effort than from a lack of coherence.
“We operated multiple regimes, overlapping mandates and fragmented legal frameworks. The result was predictable—high effort, low yields, limited public confidence.
“What has come under your administration is not only the policy directive, but also the underlying logic of the system. The reforms have sought to align rules, institutions and incentives within a single framework,” Abbas said.
Earlier, the Executive Chairman of the NRS, Dr Zacch Adedeji described the commissioning of the headquarters building as “the culmination of a defining institutional journey.”
“When this administration assumed office, Nigeria faced a critical inflexion point marked by fiscal constraints, weakened investor confidence and structural distortion across key sectors.
” What followed was not an incremental adjustment but a comprehensive concept of the nation’s economic and financial architecture.
“Through your decisive actions, you restored microeconomic credibility, unified foreign exchange markets, cleared long-standing backlogs and re-established confidence in Nigeria’s ability to operate a transparent and market-driven system,” he added.