Tinubu's tax reforms will drive Nigeria's economic growth, says Akpabio

President Bola Tinubu and Senate President, Godswill Akpabio

The President of the Senate, Senator Godswill Akpabio, has lauded President Bola Tinubu’s groundbreaking tax reform initiatives.

Speaking at the presentation of the 2025 Appropriation Bills, Akpabio emphasised that the four key tax reform bills would play a pivotal role in strengthening Nigeria’s fiscal structure and driving sustainable economic growth.

The tax reforms, which include the Joint Revenue Board of Nigeria (Establishment) Bill, Nigeria Revenue Service (Establishment) Bill, Nigeria Tax Administration Bill, and Nigeria Tax Bill, 2024, represent the most significant overhaul of the country’s tax system since independence.

According to Akpabio, these reforms are vital not only for improving government revenue but also for creating a more conducive business environment that will support the growth of small and medium enterprises (SMEs).

“These reforms are more than just a revenue-generating tool,” Akpabio said. “They are a transformative step towards modernizing Nigeria’s fiscal landscape, fostering economic growth, and improving the standard of living for ordinary Nigerians.”

He urged Nigerians, particularly those in public office, to fully engage with the reforms, emphasizing the need for understanding and support for these measures, despite criticism from those who have not taken the time to study the details.

The Senate President also acknowledged the broader economic reforms led by President Tinubu, including the bold decision to remove fuel subsidies, redirecting resources into critical sectors such as healthcare, education, and infrastructure.

“These actions demonstrate the leadership’s commitment to Nigeria’s long-term prosperity and development,” Akpabio added.

Highlighting the importance of collaboration between the Executive and Legislative arms, Akpabio reassured Nigerians that the National Assembly is fully committed to ensuring the success of these reforms.

“With these reforms and the 2025 Appropriation Bills, we are laying the foundation for a new era of economic stability and growth for Nigeria,” he said.