By Ayomide Otitoju
President Bola Tinubu has called on the Nigerian media to support his administration’s proposed tax reforms, describing them as a pivotal step toward achieving enduring national wealth and prosperity for all Nigerians. The President, represented by the Minister of Information and National Orientation, Mohammed Idris, made this appeal on Sunday evening at the 2024 Nigerian Media Merit Awards (NMMA), held at the Muson Centre in Lagos.
President Tinubu acknowledged that while opinions may differ on the specifics of the proposed reforms, there is widespread national agreement on the need for a complete overhaul of the current tax administration system. He expressed optimism that ongoing dialogue on the reforms would reveal significant areas of consensus.
“I will say with every sense of conviction that our policies are deliberate and well-thought-out. We are headed toward the restoration of Nigeria on a path that requires a comprehensive approach, addressing economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth,” President Tinubu stated.
Tax Reforms: A Bold Step for Progress
Highlighting the importance of the reforms, President Tinubu described the proposed tax bills before the National Assembly as key to streamlining taxes, reducing burdens on vulnerable Nigerians, and fostering business growth through targeted incentives.
“Among our various landmark reforms is the one focused on tax, by far one of the most profound steps necessary for setting Nigeria onto the path of enduring national wealth and prosperity for all our people. There is a consensus that the tax administration system in Nigeria requires reform. We may not all agree on every detail of the required reform, but there will be many areas of convergence,” he said.
He explained that the reforms under the Renewed Hope Agenda, including subsidy removal, exchange rate unification, and tax restructuring, were designed to redirect resources toward economic growth, infrastructure development, and human capital advancement.
The President noted that the Federation Accounts Allocation Committee (FAAC) recently recorded its highest-ever revenue distribution, a testament to the effectiveness of these bold reforms. “These are the much-needed resources being freed up for investment in critical areas of the economy,” he emphasized.
Tangible Benefits of Reform
President Tinubu outlined federal initiatives already benefiting from the increased revenues, such as the consumer credit scheme, student loan fund, presidential grants and loans scheme, MSME clinics, the 3 Million Technical Talent Programme (3MTT), the Presidential CNG Initiative, and massive road infrastructure projects.
“At the federal level, these revenues are already financing impactful initiatives. In the spirit of our federation, the various state and local governments also have their policies and programmes, meant to complement ours,” he said.
The President further highlighted efforts to ensure financial autonomy for local governments, describing them as the closest tier of government to the people.
Media’s Role in Reform Advocacy
President Tinubu urged the media to amplify narratives around the reforms to foster better public understanding. He emphasized the media’s critical role in countering misinformation and providing Nigerians with accurate, purposeful information.
“My administration is committed to ensuring that the fundamental rights of the press are guaranteed. It is in the interest of Nigeria and her fledgling democracy that the media and civic spaces are protected at all times. This guarantee of media freedom comes with the obligation to exercise responsibility, especially in this digital age, where viral mechanisms tend to favor falsehoods over truth,” Tinubu stated.
Combating Misinformation and Hate Speech
As part of efforts to combat misinformation and hate speech, the President announced funding for the UNESCO Media and Information Literacy Institute (MIL). The institute, the first of its kind globally, will operate within the National Open University of Nigeria (NOUN) in Abuja.
“The MIL aims to equip Nigerians with skills to differentiate between credible sources and misinformation, fostering critical thinking in an era where fake news, propaganda, and biased reporting can heavily influence public opinion and decision-making,” he explained.
Commitment to Press Freedom
President Tinubu congratulated the winners of the 2024 NMMA Awards and reaffirmed his administration’s commitment to upholding press freedom. He expressed gratitude to the Nigerian media for their role in advancing and defending the nation’s democracy, noting their global recognition for excellence in journalism.
“Nigerian journalists, home and abroad, are known for distinguishing themselves in every stratum of the profession, winning prizes and global accolades,” he said.
The President concluded by reiterating his administration’s resolve to drive national development through impactful reforms while working hand-in-hand with the media to inform and empower the Nigerian public.
