Tinubu commissions NRS headquarters, says old tax laws impoverished Nigerians

President Bola Ahmed Tinubu said yesterday that colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity and inconsistencies, assuring that new reforms will deliver greater prosperity and inclusivity. He stated this on Tuesday during the commissioning of the 16-storey Nigeria Revenue Service (NRS) headquarters in Abuja. Tinubu said the new tax laws, which became fully operational […]

President Bola Ahmed Tinubu said yesterday that colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity and inconsistencies, assuring that new reforms will deliver greater prosperity and inclusivity.

He stated this on Tuesday during the commissioning of the 16-storey Nigeria Revenue Service (NRS) headquarters in Abuja.

Tinubu said the new tax laws, which became fully operational in January, are designed to free the economy from archaic constraints and enhance global competitiveness.

“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity. Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people,” he said.

He added that the NRS has been repositioned as a modern revenue hub driven by data, research and technology, while remaining responsive to citizens’ needs, especially the vulnerable.

The president said his administration had implemented far-reaching fiscal reforms aimed at simplifying the tax system, eliminating distortions and creating a transparent, investment-friendly environment.

“These gains are not incidental. They reflect deliberate policy choices and a collective resolve to secure long-term prosperity,” he said.

Tinubu described the new headquarters as a symbol of professionalism, transparency and efficiency.

Also speaking, Minister of State for Finance, Taiwo Oyedele, said the reforms were carefully designed to boost revenue and stimulate economic growth.

 

Subsidy would have hit N52trn without removal — Adedeji

The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, says Nigeria’s petrol subsidy bill could have risen to about N52 trillion annually if it had not been removed.

He described the decision as a fiscal necessity amid global oil market volatility.

“To put it in perspective, subsidy removal was not a choice but a necessity. Without it, the subsidy bill would range between N38 trillion and N58 trillion annually,” he said.

Adedeji noted that retaining the subsidy could have consumed up to 76 per cent of the country’s N68 trillion budget.

“Imagine N52 trillion out of N68 trillion going to subsidy. That would be wasteful,” he said.

He added that Nigeria’s external reserves, currently about $34 billion, could have dropped below $2 billion without the reform.

Adedeji also disclosed that the new headquarters has 16 floors across three towers and can accommodate over 3,000 staff.

Meanwhile, Senate President Godswill Akpabio urged Nigerians to be patient with the administration, noting that reforms are already yielding results.

 

He cited the disappearance of fuel queues and improved local production.

 

Similarly, Speaker of the House of Representatives, Tajudeen Abbas, said the reforms have strengthened Nigeria’s revenue system by addressing fragmentation and policy inconsistencies.