President Bola Ahmed Tinubu has declared that the ongoing tax reform bill before the National Assembly is here to stay, describing it as a cornerstone of his administration’s economic strategy.
Speaking during his maiden media chat on Monday, Tinubu emphasised the urgent need to restructure Nigeria’s economy, pledging to focus on what the nation requires to thrive in a modern global environment.
“We cannot continue to do what we were doing yesteryears in today’s economy; we cannot retool this economy with the old groping bolts,” Tinubu stated.
The President projected confidence in his ability to steer the nation’s economic ship, urging Nigerians to trust his leadership as he embarks on these crucial reforms.
“I believe I have that capacity; I am focused on what Nigeria needs and what I must do for Nigerians,” he added.
In his candid address, Tinubu acknowledged the challenges facing the country but reassured citizens that his administration was on the right track.
“It will not be Eldorado for everybody, but a new dawn is here,” Tinubu said. “I am convinced, and you should be convinced too.”
He promised that Nigeria’s current inflation rate, which stands at 34 per cent, would decline significantly, targeting a reduction to 10 per cent by 2025.
This optimism is reflected in the proposed 2025 budget, which aims to stabilise prices and enhance food production across the country.
A key component of Tinubu’s strategy to curb inflation involves improving security to enable farmers to return to their fields and boost food production.
The President also highlighted plans to support the procurement and manufacturing of essential drugs, aiming to strengthen the country’s healthcare and industrial sectors.
Observers note that Tinubu’s approach aligns with recommendations from economists who have long argued that agricultural and industrial development are critical to Nigeria’s economic recovery.
However, critics question whether the government can effectively address the insecurity plaguing rural areas, which has hampered agricultural productivity for years.
Tinubu expressed empathy for the economic struggles that many Nigerians face daily.
“I understand the trouble Nigerians have been through, particularly the economic problems,” he said.
Despite these challenges, the President struck an optimistic tone, declaring that the country is on the right path to recovery.
“We are focused, we’ll maintain focus. Let’s believe in ourselves and in our country. Tomorrow will bring a glorious dawn,” Tinubu said.
Tinubu urged Nigerians to look ahead with hope, stating that his government’s policies would begin yielding significant results within the next 18 months.
“It is just 18 months I’ve taken the reins. 2025 is a very promising year,” he assured.
Experts agree that achieving a 10 per cent inflation rate by 2025 would be a significant milestone, but many are sceptical about the feasibility of this target.
Inflation in Nigeria has been driven by various factors, including fuel subsidy removal, exchange rate volatility, and global economic conditions.
For Tinubu’s vision to materialise, analysts argue, the government must address these underlying issues while implementing robust fiscal and monetary policies.
Tinubu expressed gratitude to Nigerians for entrusting him with the nation’s leadership, vowing to dedicate himself wholeheartedly to the role.
“I’m very proud of that. I don’t want you to think that I will take it for granted at any given time. It is all about service. I will do it with all my heart. I seek your cooperation all the time,” he said.
The President’s appeal for unity and cooperation comes as his administration faces mounting criticism over its handling of the economy, security, and social welfare.
Tinubu’s tax reform bill has sparked significant debate within the National Assembly and among the public.
The bill aims to broaden the tax base, reduce dependency on oil revenue, and enhance government funding for critical sectors like infrastructure, education, and healthcare.
Nigeria’s tax-to-GDP ratio, currently at about 6.5 per cent, is one of the lowest in the world, according to data from the World Bank.
Experts argue that reforming the tax system is essential for sustainable economic growth, but they caution that such changes must be accompanied by measures to alleviate the burden on low-income earners.
Tinubu’s administration has also faced criticism for removing fuel subsidies earlier this year, a move that led to widespread protests and increased the cost of living.
The President has repeatedly defended the decision, stating that it was necessary to free up resources for development projects and reduce corruption in the petroleum sector.
