President Bola Tinubu’s assertion during his media chat that his government’s reforms represent ‘a glorious dawn’ for Nigeria must be critically examined, especially considering the economic strain currently faced by everyday Nigerians.
Development Diaries reports that the president, during his first media chat, insisted that his controversial tax reforms had come to stay, in spite of opposition from some governors.
While the administration’s efforts to reform Nigeria’s tax system appear commendable on the surface, they must be backed by clear, transparent policymaking to reassure Nigerians that these measures will not deepen economic inequalities.
President Tinubu’s insistence on the permanency of his controversial tax reforms, coupled with vague hints at possible negotiations on value added tax (VAT), raises concerns about the government’s commitment to evidence-based decisions that prioritise the well-being of all regions and demographics.
Again, it must be reiterated that the National Assembly’s role in reviewing these proposed tax reforms must be underpinned by a transparent and participatory process.
Nigerians, who bear the brunt of economic policies, deserve accessible and comprehensive information about the changes to assess whether these reforms genuinely align with their needs and aspirations.
A robust review mechanism will not only enhance public trust in the legislative process but also strengthen confidence in the executive’s ability to govern inclusively and effectively.
Furthermore, despite the government’s attempt to address fiscal challenges through legislative tax reform proposals, the timing of these measures is questionable.
Nigeria’s current economic climate, marked by rising costs of living and dwindling household incomes, has left many citizens in a perilous position.
Introducing extensive fiscal adjustments amidst such economic hardship risks alienating the populace and undermining the very objective of fostering national development.
While this may address structural fiscal deficits, the strategy fails to account for the immediate impact on citizens grappling with the ripple effects of inflation, skyrocketing energy prices, and the declining value of the naira.
Without targeted mitigation measures, these reforms could increase financial pressures on already vulnerable households.
To realise the ‘glorious future’ President Tinubu envisions, the government must strike a balance between fiscal restructuring and economic equity.
Development Diaries calls on President Tinubu to prioritise mitigation measures such as subsidies for essential goods, targeted social welfare programmes, and relief packages to cushion the impact of rising costs of living on vulnerable households.
The National Assembly must commit to a transparent and participatory review process for the proposed tax reforms. We demand that the lawmakers engage experts, civil society, and citizens to ensure these reforms address fiscal challenges without disproportionately affecting marginalised groups.
We also call on the lawmakers to introduce a robust oversight mechanism to monitor the implementation of tax reforms and ensure accountability at all stages.
For the Federal Ministry of Finance and Federal Inland Revenue Service (FIRS), they must provide detailed and accessible information to Nigerians about the scope and implications of the tax reforms. It is crucial that communication is simplified to enable public understanding and participation in the discourse.
