President Bola Tinubu has assured Nigerians that the new tax regime set to take effect in 2026 will bring significant relief, particularly for the poor, low-income earners and small business owners.
The President gave the assurance on Tuesday while addressing participants at the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday lecture of the late former Oyo State Governor, held at the University of Ibadan.
The event, organised by the Senator Abiola Ajimobi Foundation in collaboration with the Institute of Peace and Strategic Studies, University of Ibadan, focused on strengthening Nigeria’s democracy. Its theme was “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy.”
Tinubu’s message was delivered by the Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji. He praised the late Ajimobi for the bold reforms he implemented during his time as governor and described him as a leader who was willing to make tough decisions for long-term development.
“We shared many ideals. He believed that leadership sometimes requires difficult choices that may cause discomfort at first, but ultimately lead to sustainable growth and progress,” the President said.
Addressing concerns about recent economic policies, Tinubu explained that the reforms introduced by his administration were necessary to stabilise and revive the economy. According to him, early signs already point to positive outcomes.
“Our economy is responding. Investors are regaining confidence, GDP is growing, inflation is declining, and improvements are being recorded in the fiscal deficit. Companies that were once operating at a loss are now returning to profitability, with higher capacity utilisation and increased investments,” he said.
The President added that Nigerians would feel the impact of these reforms more strongly in the coming year, especially through the new tax laws.
He disclosed that the tax reforms would exempt essential items and services such as food, medication, education, agriculture and shared transportation from heavy taxation. The new framework would also address the problem of multiple taxation, particularly for businesses.
“I want to assure Nigerians that there is no cause for fear. The new tax laws coming into effect next year carry good news for ordinary citizens, low-income earners and small businesses,” Tinubu stated.
He also commended the late governor’s wife, Ambassador-designate Florence Ajimobi, for preserving and promoting her husband’s legacy through the foundation.
Looking ahead to the 2027 general elections, Tinubu urged leaders and members of the All Progressives Congress in Oyo State to put aside differences and work together.
“The greatest honour we can give our departed statesman is to unite and strengthen the party so it can reclaim leadership in Oyo State in 2027. This goal is achievable, and it must be pursued with commitment,” he said.
In his remarks, Oyo State Governor, Seyi Makinde, represented by his deputy, Bayo Lawal, described the roundtable as a meaningful platform to celebrate Ajimobi’s legacy while addressing pressing democratic challenges in the country.
Makinde noted that the former governor made lasting contributions to governance in Oyo State and left lessons that went beyond partisan politics. He stressed that restoring trust in democracy requires sincerity, accountability and inclusive governance.
Delivering the lead paper, former Chief of Staff to ex-President Muhammadu Buhari, Prof Ibrahim Gambari, identified political party reform as the most critical factor for democratic renewal in Nigeria. He listed voter apathy, weak internal party democracy, insecurity, electoral violence and declining public trust as major obstacles to credible elections.
Earlier, Florence Ajimobi praised President Tinubu for his consistent support and loyalty to her late husband, describing his continued participation in the annual lecture as a reflection of shared values and commitment to good governance.
The event was attended by several dignitaries, including the Speaker of the House of Representatives, Tajudeen Abbas, who served as Special Guest of Honour, Imo State Governor Hope Uzodimma, traditional rulers, community leaders and students.
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