Tinubu blames colonial tax laws for Nigeria’s economic hardship

President Bola Tinubu has blamed colonial-era tax laws for contributing to economic hardship in Nigeria, saying the fragmentation, multiplicity, and inconsistencies of the old fiscal framework weakened national prosperity.

Tinubu made the remarks on Tuesday during the commissioning of the 16-storey Nigeria Revenue Service headquarters in Abuja, saying his administration’s sweeping tax reforms were designed to build a more inclusive, investment-friendly, and people-centred system capable of driving long-term economic growth.

“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,” he said.

“Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people.”

The new tax system, which became fully operational in January, was introduced to replace what the president described as outdated colonial structures and to strengthen Nigeria’s fiscal foundation.

Tinubu said no nation could achieve sustainable prosperity with a weak or fragmented revenue system, adding that his administration had deliberately pursued far-reaching tax and fiscal reforms to correct long-standing inefficiencies.

“The reforms are designed to simplify our system, eliminate distortions, and create a fair, transparent, and investment-friendly environment. Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people,” he said.

The president commended NRS Executive Chairman Dr Zacch Adedeji for delivering the new headquarters within 30 months. The 16-storey building will house about 3,000 staff and includes a data processing centre, clinic, auditorium, training rooms, a gym, and a library.

“We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions,” Tinubu said.

He also praised Minister of State for Finance Taiwo Oyedele for his role in modernising the tax framework, and said early results from the reforms were already visible in improved fiscal stability, stronger foreign reserves, and increased investor confidence.