Defends cabinet size
President Bola Tinubu has reiterated his administration’s commitment to implementing comprehensive tax reforms, despite ongoing criticism, saying the reforms are vital for Nigeria’s economic transformation.
He reiterated this during his inaugural media, stressing that the reforms aim to modernize the tax system, broaden the revenue base, and support the nation’s development goals.
“Tax reforms are here to stay. We cannot just continue to do what we were doing yesterday,” Tinubu declared. “We cannot retool this economy with the old broken pot.”
He explained that the tax reforms are designed to be pro-poor and inclusive, targeting the expansion of the tax net rather than burdening low-income earners.
“All we ask for is to widen the net, make the cake larger so we can share a larger meal,” he explained.
The President highlighted the importance of eliminating outdated colonial-era taxes, describing them as ineffective for Nigeria’s current economic realities.
He also stressed the need to address tax evasion, stating, “You cannot satisfy a larger community of tax invaders.”
Tinubu affirmed that his administration is focused on making tough but necessary decisions to stabilize the economy.
“A hallmark of a good leader is to do what needs to be done at the right time. I believe I have the capacity,” Tinubu said, adding that the reforms represent a “new dawn” for Nigeria.
While acknowledging that the transition will not be easy for everyone, Tinubu stressed the importance of staying the course. “It will not be El Dorado for everyone, but I am laser-focused on what Nigeria needs and what I must do for Nigerians,” he said.
He also defended his cabinet’s performance amid calls for reshuffling, asserting that his ministers are adding value and effectively managing their assignments.
“Nigeria is a large country. I need my cabinet; they are adding value effectively,” he said, dismissing criticism of their efficiency.
He reiterated that job assignments in his administration are carefully structured to ensure efficiency and impact.
“You don’t give someone an assignment they cannot fulfill. Job descriptions must be efficient and effective,” he explained.
The President expressed confidence in the direction of his administration, urging Nigerians to embrace the changes necessary for long-term prosperity. “The essence of tax reform is to create a system that supports growth and development. The new dawn is here, and I am convinced,” he said.
The President also expressed confidence in Nigeria’s progress despite ongoing criticisms of his administration’s economic reforms.
“Nigeria is moving forward, regardless of critics,” he said, emphasising government’s commitment to stabilising the economy and enhancing local government autonomy.
He highlighted significant achievements, including reduced debt servicing and improved fiscal discipline, asserting, “I brought debt service down. Give credit, please. We are managing it.”
He also noted a transition from excessive borrowing through the Ways and Means facility, which he described as crucial for financial stability.
Addressing security challenges, he praised the armed forces for their efforts against terrorism and banditry: “I am proud of what they are doing. There’s no need to probe.” He assured citizens that mechanisms are in place to prevent budget leakages and ensure funds are utilized effectively.
The President urged Nigerians to focus on local solutions for economic growth, advocating for increased agricultural production and reduced imports: “Produce more for consumption locally. Stop imports.” He identified agriculture, marine ecosystems, and transportation as key sectors for job creation.
Reiterating his vision for a prosperous Nigeria, Tinubu described the upcoming 2025 budget as a “budget of hope” and called for public support in realizing these goals: “We are moving forward,” he affirmed, believing in a brighter future for Nigeria.
