President says new tax regime will boost investment, improve transparency, and rebuild trust in Nigeria’s fiscal system.

President Bola Ahmed Tinubu has blamed Nigeria’s outdated, colonial-era tax system for worsening poverty, declaring that a new wave of reforms will unlock economic opportunities and drive national prosperity.

Speaking in Abuja at the commissioning of the 16-storey Nigeria Revenue Service (NRS) headquarters, Tinubu said the former tax structure was riddled with fragmentation, multiple taxation, and inconsistencies that stifled growth and discouraged investment.

He stressed that the newly implemented tax framework is designed to be people-focused, transparent, and business-friendly, with a clear goal of strengthening Nigeria’s economic foundation and restoring public trust in government institutions.

According to the President, the reforms—now fully operational—will eliminate inefficiencies in the old system, streamline tax processes, and position Nigeria as a competitive player in the global economy.

Tinubu added that the overhaul forms part of a broader strategy to fix long-standing structural challenges, ensure financial stability, and build an economy anchored on fairness, inclusion, and opportunity for all.

He also praised key stakeholders, including tax experts and reform drivers, for their contributions to modernising the country’s fiscal framework and making it more responsive to citizens’ needs.

The reforms come amid ongoing public debate, but the Federal Government maintains that the new system will deliver sustainable growth, expand economic inclusion, and ultimately improve the standard of living for Nigerians.