Nigerian President Bola Ahmed Tinubu has directly blamed Nigeria’s colonial-era tax framework for economic hardship. Speaking through his special adviser on information and strategy Bayo Onanuga in a statement the President stated: “Old tax laws made Nigerians poor, new systems will create opportunities and prosperity, says President Tinubu”.
He argued that the old system had Fragmentation which are tax provisions scattered across many different laws, Multiplicity which are businesses faced dozens of taxes, levies, and fees from federal, state, and local levels and Inconsistencies conflicting rules that made compliance hard and discouraged investment he pointed that the structure “weakened national prosperity” and made the economy uncompetitive and to fix it, he signed 4 tax reform bills that took effect in 2026.
“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.” Tinubu said.
President Tinubu also thanked State Minister of Finance Mr. Taiwo Oyedele for his role in the new tax reform saying
“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment.
‘Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people”.
However not everyone have agreed with the President on this with Critics like the National Opposition Movement ADC saying that the new regime is worse than colonial authority and “an assault on the livelihood of ordinary Nigerians”. Northern governors and lawmakers also raised concerns during debate that VAT derivation could widen regional inequality.
