Tinubu Blames 100-Year-Old Tax System for Nigeria’s Poverty; Vows New 2026 Reforms Will ‘Liberate’ Economy and End Multiple Taxation

President Bola Tinubu has “flipped the script” on Nigeria’s economic struggles, pinning the blame for widespread poverty on a “weak and fragmented” tax system inherited from the colonial era. Speaking on Today, at the unveiling of the massive Nigeria Revenue Service (NRS) headquarters in Abuja, the President declared that the “Solution” to the nation’s financial woes lies in the total burial of archaic laws that have “pauperized” citizens for over a century.

The “Tsunami” of tax reforms that began in early 2025 reached a symbolic milestone today with the commissioning of the 16-storey “edifice of professionalism.” Tinubu noted that before his administration’s intervention, Nigeria was “tinkering” with over 60 different tax regimes, leading to low yields and even lower public confidence. “No serious nation can achieve lasting prosperity on a fragmented revenue system,” the President stated, adding that the old laws were a “covenant with uncertainty” that his “Renewed Hope” agenda has now broken.

The “Drill or Drop” reality of the new system was highlighted by the Minister of State for Finance, Taiwo Oyedele, and NRS Chief Zacch Adedeji. They revealed that by moving away from “taxing basic consumption” to a more “investment-friendly” model, the government has seen a historic surge in revenue without increasing the burden on the poor. In the “digital trenches” of the new NRS portal, the number of overlapping mandates has been slashed, making it harder for “nuisance taxes” to slip through the cracks.

As the 2027 political debate heats up, the Presidency is holding up these tax wins as proof that the “tough choices” made in 2023 are finally paying off. For the average Nigerian, the message from the President today was one of a “structural reset.” By replacing 133-year-old laws with a 21st-century framework, Tinubu is betting that Nigeria can finally “produce its way out of poverty” and build a fiscal foundation that rewards enterprise rather than punishing it.