President Bola Ahmed Tinubu has assured Nigerians that there is no cause for apprehension over the new tax regime scheduled to take effect next year, stating that the law contains significant relief for the poor, low-income earners, and small businesses.
The President gave the assurance in an address delivered at the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday of the late former Governor of Oyo State, held on Tuesday at the University of Ibadan.
The event, themed “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy,” was organised by the Senator Abiola Ajimobi Foundation (SAAF) in collaboration with the Institute of Peace and Strategic Studies, University of Ibadan. It was chaired by former Ogun State Governor, Aremo Olusegun Osoba, and attracted friends, associates, family members, and partners of the late Ajimobi.
President Tinubu, who was represented by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zaccheus Adedeji, praised the late former governor for the reforms he championed while in office, describing him as a leader who believed in taking bold decisions for long-term development.
The President said recent economic indicators have shown that the difficult reforms undertaken by his administration were necessary to revitalise the economy, noting that investor confidence has continued to grow as the benefits of the reforms become evident.
According to him, Nigeria’s Gross Domestic Product (GDP) is on a growth trajectory, inflation is declining, and improvements are being recorded in the fiscal deficit.
Tinubu recalled that he and the late Ajimobi shared similar ideals about leadership, particularly the willingness to make tough decisions that may cause initial discomfort but deliver lasting transformation.
“We shared many ideals. He believed that a leader must take the people he governs to the heights they ought to reach, even if it involves making tough decisions that may cause initial discomfort but ultimately lead to greater development,” the President said.
“As recent evidence has shown, the drastic economic measures our administration undertook were necessary to revitalise the economy. Investors have since reaffirmed their confidence as the fruits of our reforms become manifest through robust macroeconomic indicators.
“Our GDP is growing, inflation is tumbling, and improvements are being recorded in the fiscal deficit. Companies that were previously posting losses have returned to profitability, capacity utilisation has improved, and investment levels have increased.
“These improvements will be felt more by Nigerians, particularly in the coming year, with major reliefs from the new tax laws, which exempt food, medication, education, agriculture, and shared transportation from burdensome taxes, while freeing businesses from multiple taxation.”
The President reiterated that Nigerians should not fear the implementation of the new tax laws beginning next year, stressing that they are designed to ease the burden on ordinary citizens.
“The laws come with good news for the poor, low-income earners, and small businesses,” he assured.
He also commended the wife of the late governor, Ambassador-designate Mrs. Florence Ajimobi, for sustaining her husband’s legacy, and urged leaders and members of the All Progressives Congress (APC) in Oyo State to honour Ajimobi by uniting the party ahead of the 2027 elections.
“The best tribute you can give to our departed statesman is to unite and strengthen the party to take over the reins of government in Oyo State in 2027. This is achievable, and it must be achieved,” Tinubu said.
In his remarks, Oyo State Governor, Seyi Makinde, represented by his deputy, Bayo Lawal, described the roundtable as a fitting platform to honour the legacy of the late former governor while engaging critical issues affecting Nigeria’s democratic development.
Former Chief of Staff to late President Muhammadu Buhari, Professor Ibrahim Gambari, in his lecture, identified political party reform as the most critical factor for democratic renewal in Nigeria, noting that strong democratic parties are essential for mobilising citizens and holding institutions accountable.
He listed voter apathy, democratic disillusionment, weak internal party democracy, institutional weaknesses, electoral violence, insecurity, and trust deficit as persistent challenges to electoral credibility.
Gambari advocated comprehensive civic education, including its integration into school curricula at all levels, and sustained public enlightenment campaigns by the Independent National Electoral Commission (INEC) and civil society organisations through various platforms.
Earlier, SAAF President, Dr. Florence Ajimobi, expressed appreciation to President Tinubu for his unwavering loyalty to the late Senator Abiola Ajimobi, describing it as a reflection of shared values in good governance and democratic commitment.
Dignitaries at the event included the Speaker of the House of Representatives, Tajudeen Abbas, who served as Special Guest of Honour, Imo State Governor Hope Uzodinma, traditional rulers, community leaders, and students.
