President Bola Tinubu has urged Nigerians not to be apprehensive about the new tax regime scheduled to take effect in 2026, assuring that the policy will bring relief to the poor, low-income earners, and small businesses.

The President gave the assurance on Tuesday at the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday lecture of the late former governor of Oyo State, held 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 in collaboration with the Institute of Peace and Strategic Studies, University of Ibadan.

It attracted friends, associates, family members, and partners of the late governor and was chaired by a former Governor of Ogun State, Olusegun Osoba.

Tinubu’s message was delivered by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zaccheus Adedeji, who commended the late governor for the reforms he initiated during his tenure.

“We shared many ideals. He believed that a leader must take the people he governs to the height they ought to be, even if it involves making tough choices and decisions that may engender initial discomfort but would, in the long run, catapult the state to greater development.”

Tinubu said the recent economic reforms undertaken by his administration were necessary to revitalise the economy, adding that early indicators had shown positive outcomes.

“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, with improved capacity utilisation and increased investment levels.”

The President further stated that Nigerians would begin to feel the impact of the reforms more strongly in the coming year, particularly through the implementation of new tax laws.

“The impact of these improvements will be felt more by Nigerians, particularly in the new year, with huge reliefs coming from the new tax laws, which exempt food, medication, education, agriculture, and shared transportation from burdensome taxes and free businesses from multiple taxation.”