The Minister of Information and National Orientation, Mohammed Idris on Wednesday insisted that Nigeria is on the verge of fundamental economic reform, anchored on the Renewed Hope Agenda – a deliberate and comprehensive recalibration of a long-neglected system geared towards economic diversification, human capital development, infrastructure, innovation, competitiveness, and inclusive growth.
The Minister said the proposed tax reform initiative of the President is envisioned to simplify Nigeria’s existing tax regimes and make compliance easier, while also reducing the tax burden on the most vulnerable Nigerians.
The four proposed bills on tax reforms are currently before the National Assembly. Though there are some opposition to the bills, especially from the Northern region, who are expressing some concerns.
But, the President has asked the Attorney General and Minister of Justice, Lateef Fagbemi to meet the dissenting groups to address all knotty areas.
Speaking at the 2024 Annual Conference of the International Press Institute with the theme “Democracy, Media Freedom and the Imperative of Protecting the Nigerian Civic Space”, he said “A recurring highlight of the reform is the introduction of several new tax exemptions, that will benefit various categories of individuals and businesses.”
Idris, who said that the ongoing tax reforms, would complement broader macroeconomic reforms aimed at driving Nigeria’s economic transformation, noted that trillions of Naira previously lost to wasteful and abused subsidy programmes are now being redirected into substantial savings, enabling the government to invest in critical sectors of the economy.
According to the Minister, these funds are now financing high-impact initiatives such as physical and digital infrastructure, student loans and stipends, low-cost consumer credit, agricultural production, and targeted social investment programs.
These measures, he said, are foundational elements for building a prosperous and globally competitive Nigeria.
