Tinubu’s tax reforms are mark of progress, but not the best

The Social Democratic Party (SDP) 2023 presidential candidate, Adewole Adebayo, has described President Bola Tinubu’s tax reforms as an improvement on the disorganised system he inherited but are still not the best for Nigeria.

Speaking on Channels Television’s Politics Today on Tuesday, Mr Adebayo said President Tinubu inherited nothing short of economic “debris” when he assumed office in May 2023, a situation that compelled immediate reforms to avert national collapse.

He acknowledged that Mr Tinubu has made strides in stabilising Nigeria’s economy, noting that “while the reforms are not perfect, they represent progress,” and that “one or two wins in two sectors” give the impression that the economy is on the road to recovery.

The tax laws Mr Adebayo referred to were signed by President Tinubu on 26 June 2025. They include the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA), all of 2025.

Stay Ahead with Premium Times

Add as a preferred source on Google

Mr Adebayo’s remark was in response to Yakubu Dogara, Chairman of the National Credit Guarantee Company (NCGC), who praised the tax reforms, on Tuesday.

Mr Dogara, who spoke in Abuja, at the inaugural Distinguished Parliamentarian Lecture, themed, ‘Navigating Tax Reforms in Nigeria: Insights on President Bola Tinubu’s Policies,’ described the new tax laws as “the most audacious fiscal overhaul in Nigeria’s history.”

But Mr Adebayo said Mr Dogara overstated the prospects of the reforms. “This reform is not the best, but is far better than what we had.”

He added that the challenges remain, describing Nigeria’s economy as a patient that has yet to fully recover.

READ ALSO: Tinubu inherited economic ‘debris’ from Buhari – Ex-Speaker Dogara

A recent PREMIUM TIMES analysis reveals that while macro-economic indicators have stabilised over some period,

He said the “poorly managed economy President Buhari left is an emergency room patient.” He added that President Tinubu has stabilised the situation but has yet to fully identify the underlying problems.

“He hasn’t found a cure, because some of the steps taken have even aggravated certain issues,” said Mr Adebayo.

He described President Tinubu as a “well-known tax collector,” linking his current tax reforms to his earlier efforts as the governor of Lagos State between 1999 and 2007.