Abuja
According to him, outdated tax laws over the years failed to reflect the realities of a modern and evolving economy, thereby constraining growth, discouraging investment, and placing an undue burden on citizens.
He emphasized that these legacy policies not only limited government revenue generation but also contributed to widespread poverty by weakening the country’s ability to provide essential public services and infrastructure.
The President further noted that reforming the tax system is a critical step toward economic recovery and long-term prosperity.
By introducing more transparent, equitable, and growth-oriented tax policies, the government aims to create an environment that supports businesses, attracts both local and foreign investment, and ultimately improves the standard of living for Nigerians.
He reiterated his administration’s commitment to overhauling the fiscal structure to ensure that taxation becomes a tool for national development rather than a barrier to economic progress.