Nigerian President Bola Ahmed Tinubu has urged the media to lend their support in driving awareness and public acceptance of ongoing tax reforms as this is a critical step towards establishing long-term economic growth and prosperity for Nigerians. He emphasized the importance of media involvement in ensuring public understanding and acceptance of these reforms.
The President’s speech was delivered by the Minister of Information and National Orientation, Mohammed Idris, during the 2024 Nigerian Media Merit Awards (NNMA) held at the Muson Centre in Lagos on Sunday evening.
President Tinubu stated that while there may be differing opinions on the specifics of the proposed tax reforms, there is broad agreement on the need for a complete overhaul of Nigeria’s tax system. According to him, the reforms aim to simplify taxation, reduce the burden on poorer citizens, and improve tax revenues for states, which will, in turn, stimulate economic growth.
“Among our major reforms is the one focused on taxation, which is one of the most significant steps required to put Nigeria on the path of long-term national wealth and prosperity. The Nigerian tax administration system is widely acknowledged to need improvement. While we may not all agree on every detail of the needed reform, there will be many areas of convergence,” President Tinubu said.
The President highlighted that these reforms, alongside other policies like the elimination of fuel subsidies and foreign exchange rate unification, are part of the government’s Renewed Hope Agenda. These bold but necessary steps are designed to redirect resources into critical areas. In his words, “I am convinced that our policies are deliberate and well thought out. We are on track to restore Nigeria, which would necessitate a holistic approach that includes economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth”.
Tinubu also noted recent achievements stemming from these policies, including Nigeria’s largest-ever revenue distribution through the Federation Accounts Allocation Committee (FAAC). The increased revenues are being reinvested into federal initiatives such as:
The Consumer Credit Scheme
The Student Loan Fund
Presidential Grants and Loans for Businesses
MSME Clinics to support small businesses
The Technical Talent Training Program (3MTT)
The Presidential Compressed Natural Gas (CNG) Initiative
Major Road Construction and Infrastructure Projects
He assured Nigerians that these resources will benefit both the federal and state governments, with state and local governments implementing complementary programs to address local needs.
Media’s Critical Role
President Tinubu urged the media to play a proactive role in educating Nigerians about the benefits of the reforms. He emphasized that the media must counter misinformation and provide the public with accurate, unbiased information, especially during this time of transformative economic changes.
“Media freedom comes with responsibility, particularly in this digital era where false information spreads quickly and can impact public perception and decision-making,” Tinubu said.
He also praised the courage and professionalism of Nigerian journalists, recognizing their contributions to safeguarding democracy. As part of his administration’s commitment to tackling misinformation, he announced the establishment of the UNESCO Media and Information Literacy Institute (MIL). The institute, which will be based at the National Open University of Nigeria (NOUN) in Abuja, will focus on teaching Nigerians how to identify credible information and avoid misinformation.
The President congratulated the winners of the 2024 Nigerian Media Merit Awards and reiterated his administration’s commitment to protecting the press and civic freedoms while encouraging responsibility in journalism.
“My administration is determined to ensure that the fundamental rights of the press are protected. It is in Nigeria’s best interest to preserve the media and civic spaces at all times,” Tinubu concluded.
He emphasized that the government’s deliberate policies are necessary to restore the nation’s economic strength, promising that these reforms will lay the foundation for sustainable growth, infrastructure development, and prosperity for all Nigerians.
