President Bola Ahmed Tinubu has said Nigeria’s new tax laws will create opportunities for economic growth and inclusivity, ending decades of fragmented colonial-era legislation that, he said, had impoverished citizens.

Speaking on Tuesday at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters, the President described the reforms as people-centered and investment-friendly, aimed at boosting economic competitiveness and restoring confidence in public institutions.

“The new tax system is designed to reward enterprise, support growth, and ensure that every contribution to the national cause is matched by tangible value for the people,” Tinubu said, commending the NRS for improving fiscal stability, trade efficiency, and investor confidence.

Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas joined the President at the event, praising the reforms and the completion of the NRS building within 30 months—over two decades after its foundation was laid.

Dr. Zacch Adedeji, Executive Chairman of the NRS, highlighted that over 60 outdated tax laws had been streamlined into a single, coherent framework, noting the revenue system’s dramatic improvement—from N6.8 trillion collected five years ago to N28.7 trillion in 2025.

The headquarters, built by China Civil Engineering and Construction Company (CECC), houses facilities for 3,000 staff, a data processing center, auditorium, clinic, library, gym, and training facilities.

Tinubu said the building symbolizes a new standard of transparency, professionalism, and efficiency, reiterating the government’s commitment to reform, accountability, and long-term prosperity.

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The International Monetary Fund (IMF) has urged the Nigerian government to intensify structural reforms as it projected the country’s real GDP to grow by 4.2 percent in 2026, up from 3.9 percent in 2025 and 4.1 percent in 2024. The IMF’s latest World Economic Outlook, released in October 2025, stressed that while global growth appears to be stabilizing, emerging economies like Nigeria must adopt credible, transparent, and sustainable policies to ensure long-term economic resilience. It also called for the rebuilding of fiscal buffers, the preservation of central bank independence, and the acceleration of policy reforms.

Global economic growth is expected to decline marginally from 3.3 percent in 2024 to 3.2 percent in 2025 and 3.1 percent in 2026. Advanced economies are projected to grow at an average of 1.5 percent, while emerging and developing markets, including Nigeria, are expected to average just over 4 percent. Inflation is forecast to fall globally, but trends remain uneven, with risks tilted to the upside in countries like the United States, while other economies may see more subdued inflation rates.

During a press briefing at the IMF World Bank Annual Meetings in Washington, Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, said the depreciation of the naira should not be viewed solely as a negative indicator. According to him, exchange rate movements serve as buffers against economic shocks and can support necessary adjustments in the domestic economy. He described Nigeria’s recent monetary policy improvements, enhanced revenue collection, and improved transparency in foreign exchange reserve management as positive steps. These efforts, he noted, have contributed to a decline in inflation from over 30 percent to about 23 percent and have also strengthened Nigeria’s external reserve position.

Adrian further highlighted that Nigeria’s transition toward a more flexible exchange rate regime aligns with the IMF’s broader recommendations for economic reform. The Fund considers such a move critical in helping Nigeria improve competitiveness and build economic resilience. Other IMF officials present at the briefing, including Deputy Director Athanasios Vamvakidis and Assistant Director Jason Wu, echoed similar sentiments. They underscored the role of flexible exchange rates as automatic stabilizers that can help mitigate the impact of external economic shocks.

The IMF also commended Nigeria’s recent progress in fiscal consolidation and macroeconomic governance. It noted that ongoing reforms in public finance management, along with increased clarity around FX operations, mark a notable improvement in Nigeria’s economic framework. However, the Fund maintained that the reform momentum must continue.

In conclusion, the IMF advised Nigerian authorities to remain committed to structural adjustments, institutional strengthening, and prudent monetary and fiscal strategies. These actions, it said, are essential for sustaining growth, reducing inflationary pressures, and achieving long-term macroeconomic stability.

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In its 2025 Article IV Consultation Report, the IMF stated that extreme weather events such as flooding, sea-level rise, and droughts are already weakening Nigeria’s economy and could push the country further into debt if not urgently addressed.

Lagos, Nigeria’s commercial and financial hub, is especially vulnerable. Rising sea levels could damage critical infrastructure, disrupt agricultural output, and strain public finances.

“Climate risks are now a major threat to Nigeria’s growth outlook, fiscal health, trade, and financial stability,” the report warned.

Nigeria’s public debt surged to 52.3% of GDP in 2024, up from 41.5% in 2023, driven by increased borrowing and a weakening naira. Debt servicing costs also rose to 4.1% of GDP, compared to 3.7% the previous year, according to the African Development Bank.

The IMF warned that climate-related shocks combined with sluggish growth and declining tax revenue could further widen fiscal and external financing gaps.

Although relatively small, Nigeria’s financial sector is heavily concentrated in Lagos, making it highly vulnerable to flood and climate-related risks. Such exposure could impair asset quality and threaten broader financial stability.

To avoid long-term economic damage, the IMF urged Nigeria to:

• Increase investment in climate adaptation and resilience

• Improve revenue through tax reform

• Diversify the economy beyond oil

• Integrate climate policy into national development planning

While acknowledging recent fiscal reforms, the IMF emphasized that current efforts are insufficient to shield the economy from worsening climate threats.

“Without a comprehensive strategy to address both climate and fiscal challenges, Nigeria risks undermining its long-term economic future,” the report concluded.

The Fund called on the government to take immediate, coordinated action to secure sustainable and resilient economic growth.

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