President Bola Tinubu has listed rise in Nigeria’s tax-to-GDP ratio from 10 per cent to over 13.5 per cent in 2024 as a confirmation that his administration’s bold tax reform agenda has started yielding results.
The President described the leap in tax to GDP ration as a remarkable leap in just one year as one of his administration’s most impactful achievement.
Tinubu said this in a statement to mark the second anniversary of his administration.
According to the President, the leap in tax to GDP ratio was a result of deliberate improvement in tax administration and policies designed to make the tax system fairer, more efficient and more growth-oriented.
“We are eliminating the burden of multiple taxation, making it easier for small businesses to grow and join the formal economy. The tax reforms will protect low-income households and support workers by expanding their disposable income.
“Essential goods and services such as food, education, and healthcare will now attract 0 per cent VAT. Rent, public transportation, and renewable energy will be fully exempted from VAT to reduce household costs further.
“We are ending the era of wasteful and opaque tax waivers. Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors,” said Tinubu.
He added that these reforms were not just about revenue but about stimulating inclusive economic growth.
For instance, he said, there was a deliberate focus on youths, who a friendlier tax environment for digital jobs and remote work would empower.
He said through export incentives, Nigerian businesses would be able to compete globally.
Tinubu added that his administration’s National Single Window project has streamlined international trade, reduced delays, and enhanced Nigeria’s competitiveness.
“To promote fairness and accountability, we are establishing a Tax Ombudsman, an independent institution that will protect vulnerable taxpayers and ensure the system works for everyone, especially small businesses.
“Most importantly, we are laying the foundation for a more sustainable future by introducing a new national fiscal policy.
”This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending.
“These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian.
“Together, we are creating a system where prosperity is shared, and no one is left behind,” the President stated.
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