President Bola Ahmed Tinubu has restated his administration’s determination to proceed with the implementation of Nigeria’s newly enacted tax laws, dismissing growing calls from sections of the public for a suspension of the reforms due to concerns surrounding certain provisions. In an official statement issued on Tuesday, the President made it clear that the tax reform programme remains on track. He confirmed that while some of the new tax laws became operational on June 26, 2025, others are scheduled to take effect from January 1, 2026, in line with the implementation timetable already announced by the Federal Government According to President Tinubu, the reforms represent a historic and uncommon opportunity to redesign Nigeria’s tax framework into one that is fairer, more competitive, and capable of sustaining long-term economic growth. He noted that the changes were carefully developed to modernise the country’s tax structure rather than impose additional hardship on citizens. The President stressed that the core objective of the new tax laws is not to increase the tax burden on Nigerians. Instead, he explained that the reforms focus on restructuring outdated processes, improving operational efficiency, harmonising tax administration across relevant agencies, and ensuring that taxpayers are treated with respect and dignity. He added that strengthening trust between the government and the public remains a key pillar of the reform agenda. “The new tax laws are not designed to raise taxes. They are meant to structurally reset the system, encourage harmonisation, protect the dignity of Nigerians, and reinforce the social contract between the state and its citizens,” the President stated. While acknowledging that public conversations and debates have emerged around some perceived changes in specific sections of the laws, Tinubu clarified that no substantial flaws or fundamental issues have been identified that would justify halting or reversing the reform process. He warned that abrupt or emotionally driven policy reversals could weaken public confidence and undermine long-term reform objectives. The President further emphasised that trust in governance is built through consistent, deliberate, and carefully implemented policies rather than sudden shifts in direction. He urged stakeholders to engage constructively as the reforms move fully into the implementation phase. Calling for broad support, Tinubu stated that the reform initiative has now transitioned decisively from policy formulation to delivery. He reiterated his administration’s respect for due process, pointing out that the tax laws were lawfully passed by the National Assembly and duly assented to in accordance with constitutional requirements. In addition, the President assured Nigerians that the Presidency would continue to work closely with the National Assembly to swiftly resolve any challenges that may arise during implementation. He reaffirmed the Federal Government’s commitment to acting in the overall public interest. “I want to assure Nigerians that the Federal Government will continue to act in the best interest of the people to deliver a tax system that supports prosperity, fairness, and shared responsibility,” Tinubu said. The statement was personally signed by President Bola Ahmed Tinubu in his role as Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.
The House of Representatives has officially given approval to President Bola Ahmed Tinubu’s request to borrow a total sum of $2.35 billion to help finance part of Nigeria’s 2025 budget deficit. The decision marks a significant step in the government’s efforts to bridge the nation’s fiscal gaps and sustain critical developmental projects in the coming year. In addition to this, the House also approved the President’s plan to issue a $500 million debut sovereign sukuk in the international capital market. This initiative aims to support key infrastructure projects across Nigeria while diversifying the country’s financing sources. According to legislative reports, the $2.35 billion loan will be obtained through concessional facilities that offer favorable repayment conditions and low-interest rates. The borrowed funds are expected to be directed toward vital sectors such as transportation, power, agriculture, and education, aligning with the administration’s Renewed Hope Agenda. The $500 million sovereign sukuk—a non-interest Islamic bond—will provide an alternative financing option to traditional loans, helping Nigeria to attract investors from Middle Eastern and Asian financial markets. This marks Nigeria’s first sovereign sukuk issuance in the international market, further demonstrating the government’s strategic move to diversify its funding sources. Lawmakers emphasized the importance of transparency, accountability, and proper utilization of the borrowed funds. They noted that with effective management, the loan and sukuk proceeds could accelerate economic growth, enhance infrastructural development, and promote investor confidence in the Nigerian economy. Financial experts have, however, cautioned that while borrowing may be necessary to fund budget deficits, it is important to ensure that the loans are invested in productive sectors capable of generating sufficient revenue to repay the debts without burdening future generations. The federal government continues to assure Nigerians that all borrowings are within the limits prescribed by the Fiscal Responsibility Act, and that such funds are being carefully managed to drive economic stability and long-term development. The approval by the House of Representatives reflects growing confidence in President Tinubu’s fiscal and economic policies, particularly those targeted at achieving macroeconomic balance, expanding infrastructure, and stimulating private-sector investment. For Nigeria, the decision represents both an opportunity and a challenge—an opportunity to strengthen the economy through smart borrowing and infrastructure development, and a challenge to ensure that every dollar borrowed delivers measurable results for citizens.
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Rising Inflation in Nigeria Inflation in Nigeria has surged to unprecedented levels, significantly increasing the cost of essential goods and placing a heavy burden on millions in Africa’s most populous country. Vendors at Lagos’ bustling Balogun Market face challenges as they struggle to attract buyers amidst skyrocketing prices. A Message of Hope At the graduation ceremony for the Executive Intelligence Management Course 17 at the National Institute for Security Studies, Abuja, President Bola Tinubu, represented by National Security Adviser Nuhu Ribadu, delivered a message of optimism. He acknowledged the current economic struggles but emphasized that the government’s reforms are paving the way for a brighter future. “Things are happening in our country today. People may not like us or agree with some of our decisions. But fundamentally, things are changing. And Nigeria will change,” Ribadu stated, referencing key reforms such as the removal of the petrol subsidy and the floatation of the naira. These policies, while initially challenging, are designed to stabilize and grow the economy. Assurance of Economic Recovery President Tinubu expressed confidence in Nigeria’s economic recovery, acknowledging the difficulties but assuring Nigerians of better days ahead. “The economy is changing. It’s tough and filled with challenges, but I can assure you that brighter days are ahead,” he said, urging citizens to maintain their faith in his administration’s efforts to rebuild and stabilize the economy. Addressing Security Challenges Beyond economic issues, Nigeria continues to grapple with various security threats across several regions. President Tinubu reiterated his government’s commitment to tackling criminal activities and restoring peace nationwide. “If you are involved in criminal activities, whether within or outside Nigeria, you will face justice. We are determined to bring peace to every corner of this nation,” he warned. A Call for Unity and Patience Despite the hurdles, President Tinubu’s administration is urging Nigerians to stay hopeful and patient as the country undergoes transformative changes. With economic recovery plans underway and a resolute approach to security, the government aims to deliver a stable and prosperous Nigeria. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
