Speaker of the House of Representatives, Tajudeen Abbas, has expressed confidence that President Bola Tinubu’s ongoing tax reforms will significantly raise Nigeria’s revenue base and expand the national budget to at least five times its current size.
Abbas stated this in Abuja during an informal engagement with Nigerian youths, organised by the Office of the National Youth Leader of the All Progressives Congress (APC) and tagged “An Evening with 004.”
He explained that the Federal Government is implementing measures to block revenue leakages, which would allow the country to adequately fund critical projects and services.
In a statement by his Chief Press Secretary, Leke Baiyewu, the Speaker acknowledged that the government’s current revenue is insufficient to meet national needs, forcing ministries and agencies to work with limited allocations.
However, Abbas expressed optimism that the administration’s tax reform initiatives would substantially boost the nation’s fiscal capacity.
“One thing I want you to go home with is that Mr President and the National Assembly have crossed a major hurdle that has been bedevilling our budgets — paucity of revenue,” Abbas said.
“If you remember, the 2025 budget was increased significantly. But even with that, we are not where we ought to be. The good news is that within the next one to two years, with the tax reform initiative brought by Mr President, Nigeria’s budget will grow at least fivefold. At that point, we can adequately provide sector-by-sector and agency-by-agency allocations.”
He explained that until revenue improves, the “Envelope System” of budget allocation will continue to apply, as available funds are not enough to meet the full demands of ministries and agencies.
The Speaker also highlighted the unity in the House of Representatives, attributing it to members’ mutual respect and cooperation regardless of political, religious, or ethnic differences.
Offering words of advice to young Nigerians, Abbas urged them to embrace honesty and transparency, which he said attract public trust and long-term success.
On his personal inspirations, Abbas named President Tinubu as one of his foremost mentors, citing his ability to sustain loyal relationships over four decades.
Reflecting on his legislative career, Abbas described as his proudest moment the passage and presidential assent of 22 of his bills during the previous Assembly, out of the 74 he sponsored, a feat he called “unprecedented.”
