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 Zacch Adedeji, Executive Chairman of the NRS, highlighted that over 60 outdated tax laws had been streamlined into a single, coherent framework, noting the revenue system’s dramatic improvement—from N6.8 trillion collected five years ago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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This is now a long-term national policy, not a temporary fix. The goal is to support the country’s economic growth and reduce dependence on the dollar.

The announcement was posted on Wednesday morning by the Ministry of Finance via its official X (formerly Twitter) page. It responded to rising questions from the public about the future of the initiative. The Ministry stressed that the policy is a strategic move backed by the Federal Executive Council.

This policy is designed to build Nigeria’s economic strength. By using the Naira for petroleum transactions, it will lower demand for foreign currency, help local refineries grow, and boost the economy. The government also hopes it will bring more stability to fuel prices in the country.

To track progress and fix any issues, the Technical Sub-Committee met earlier this week. The meeting brought together top players from both the public and private sectors. Attendees included Finance Minister Wale Edun, FIRS Chairman Zacch Adedeji, and key figures from NNPC Limited, Dangote Refinery, the Central Bank, and several regulatory agencies.

The Ministry noted that while challenges are expected, all problems are being handled quickly through teamwork. The aim is to keep refining on track, protect Nigeria’s economy, and ensure local businesses benefit from the change.

The policy fits into a wider reform plan by the government. It encourages local production, protects foreign reserves, and creates a more reliable pricing system for fuel.

This strong backing from both government and private stakeholders shows confidence in the new system. It also highlights Nigeria’s shift towards economic strategies that focus on self-reliance and currency strength.

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