President Bola Tinubu
Tinubu urges media to back tax reforms for sustainable wealth creation
President Bola Tinubu has urged the media to support his administration’s proposed tax reforms, describing them as a critical step toward building enduring national wealth and prosperity for all Nigerians.
Represented by the Minister of Information and National Orientation, Mohammed Idris, the President spoke Sunday evening at the 2024 Nigerian Media Merit Awards, held at the Muson Centre in Lagos.
President Tinubu stated that while opinions may differ on the details of the proposed tax reforms, there is a national consensus on the need for a complete overhaul of the current tax administration system.
He is optimistic that through the ongoing dialogue on the tax reforms, there would be many areas of convergence of opinions.
“I will say with every sense of conviction that our policies are deliberate and well-thought-out. We are headed toward the restoration of Nigeria, on a path requiring a comprehensive approach that addresses economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth.
“Among our various landmark reforms is the one focused on tax, by far one of the most profound steps necessary for setting Nigeria onto the path of enduring national wealth and prosperity for all our people. There is a consensus that the tax administration system in Nigeria requires reform. We may not all agree on every detail of the required reform, but there will be many areas of convergence,” he said,
President Tinubu highlighted that the tax bills before the National Assembly aim to streamline the number of taxes, ease the burden on vulnerable Nigerians, increase the share of taxes going to the states and foster business growth through targeted incentives.
He said the overall objectives of the reforms being implemented under the Renewed Hope Agenda, including subsidy removal, unification of multiple exchange rates, and tax restructuring, were well-thought-out, bold but necessary steps designed to free resources and redirect them toward economic growth, infrastructure development, and human capital advancement.
“Just days ago, the Federation Accounts Allocation Committee recorded the highest-ever revenue distribution figure in the history of our country. These are the much-needed resources being freed up for investment in critical areas of the economy.
“At the federal level, these revenues are already financing impactful initiatives like the consumer credit scheme, students loan fund, presidential grants & loans scheme, the MSME clinics, 3 million technical talent programme (3MTT), presidential CNG initiative, massive road infrastructure projects, among many others. In the spirit of our federation, the various state and local governments also have their policies and programmes, meant to complement ours,” he said.
President Tinubu said in addition to the increased revenues being received and distributed monthly, there was also the effort that went into ensuring financial autonomy for local governments, the closest tier of government to the people.
The President therefore urged the media to amplify the narratives around the reforms for better public understanding, emphasizing their critical role in countering misinformation and guiding Nigerians with accurate and purposeful information.
He congratulated the 2024 NNMA Awards winners and their various organizations, and reaffirmed the commitment of his administration to ensuring that the fundamental rights of the press are upheld.
“My administration is committed to ensuring that the fundamental rights of the press are guaranteed. It is in the interest of Nigeria and her fledging democracy that the media and civic spaces are protected at all times. This guarantee of media freedom comes with the associated obligation to exercise responsibility in the exercise of that freedom, especially in this digital age with its unstoppable viral mechanisms that sadly appear to favour falsehoods more than truth,” he stated.
President Tinubu, who expressed gratitude for the courage and determination of the Nigerian media in birthing and defending the nation’s much-cherished democracy, said, Nigerian journalists, home and abroad, are known for distinguishing themselves in every stratum of the profession, winning prizes and global accolades.
As part of his administration’s determination to combat misinformation, disinformation, and hate speech in Nigeria, the President said he had recently approved funding for the take-off of the UNESCO Media and Information Literacy Institute (MIL), the first of its kind in the world, to operate within the National Open University of Nigeria (NOUN) in Abuja.
He said the MIL aims to equip Nigerians with the skills to differentiate between credible sources and misinformation, fostering critical thinking in an era where fake news, propaganda, and biased reporting can heavily influence public opinion and decision-making.
