Victor EzejaNigeria’s president, Bola Tinubu has stated that his administration is not ready to drop the ball on the tax reforms on stream.
Tinubu, who stated this during presidential media chat on Monday night in Lagos, stressed that the reform is necessary to overhaul the country’s tax system and remove old practices no longer suitable for moving the economy forward.
Join our WhatsApp ChannelHe empahsised that the reform is imperative to ensure efficiency and accountability on the fiscal side of the economy.
“Tax reform is here to stay we cannot continue to do what we were doing yesterday and in today’s economy and expect a change,” Tinubu stated. “We cannot retool the economy with the old broken boat,” he added.
Speaking on the proposed increase in the Value added Tax rate and the distribution model which have been a subject of controversy since the tax reform bills were sent to the National Assembly, Tinubu said there is no way it wouldn’t have generated controversy,
The president maintained that the critics would still talk about consultation no matter how long he delayed the tax reforms.
READ ALSO: Why I Have No Regret Removing Fuel Subsidy – Tinubu
According to him, the move is to “widen the tax net, make the cake larger, and let us share a larger meal.”
The president said that as a leader elected with the people’s mandate, he is focused on what Nigerian Needs at the moment.
Tinubu said it was his belief that he has the ability to deliver that made him go into the race in the first place and now that the mandate has been given to him, he should be allowed to govern within the limit of his capacity.
“I am focused and I know what Nigerian needs and I know what I must do for Nigerians. It is not going to be El Dorado for everybody but the new dawn is here. I am convinced and you should be convinced too. You (the media) should help propagate that conviction,” the president said.
Ongoing Economic Reforms are Necessary
President insisted that the reforms embarked on by his administration were to put the nation’s economy on the path to sustainability.
Tinubu government’s reforms such as removal of fuel subsidy, foreign exchange harmonisation have been blamed for the current economic hardship reflected in high cost of things, soaring inflation.
However, the president said he has no regret about the effect of his reforms in the country. “I don’t have any regret in removing fuel subsidy. We are already spending our future,” the president stated, dismissing suggestions that he could have phased the removal of fuel subsidy and FX reforms and provide alternative measures to cushion their effects on the citizens and the economy generally.
He likened the current difficulty faced by the people to pain during child birth that fizzles out after successful delivery.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
