President Bola Tinubu, yesterday, declared that no serious nation can prosper under a weak and disjointed revenue system.
Speaking at the inauguration of the 16-storey Nigeria Revenue Service (NRS) Headquarters in Abuja, Tinubu said colonial-era tax laws impoverished Nigerians through fragmentation, multiplicity, and inconsistencies. He assured that the new reforms will deliver greater prosperity and inclusivity.
He stressed, "No government can demand trust from its citizens when taxation is opaque, inefficient or unjust."
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Speaking on the same occasion, Senate President, Senator Godswill Akpabio, blamed the opposition political parties for what he called the resurgence and heightened insecurity in the country.
Akpabio said the president's adversaries were envious of his achievements and bent on denting his reputation before the coming elections.
Executive Chairman of NRS, Mr. Zacch Adedeji, hailed Tinubu's leadership in steering the country out of its economic woes.
Adedeji described the president as a truly visionary reformer and the greatest gift bestowed on the country by God.
He said without the president's bold economic reforms implemented on his assumption of office in 2023, Nigeria would have been paralysed amid current global headwinds.
Tinubu emphasised that the new tax system was designed to be people-centred and investment-friendly, and ultimately advance the country's development goals.
He explained that the new tax laws, which became fully operational in January, were intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.
He stated, "On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity.
"Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people."
Tinubu commended Adedeji for his exceptional performance and the successful completion of the NRS head office, saying it provides a conducive working environment for 3,000 staff, complete with a data processing centre, clinic, auditorium, training facilities, a gym, and a library.
He expressed delight that the NRS headquarters was completed in 30 months, after more than two decades since the foundation was laid.
The president stated, 'We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions.
"No government can demand trust from its citizens when taxation is opaque, inefficient or unjust.
"That is why this administration took the bold decision to embark on far-reaching tax and fiscal reforms."
Tinubu also thanked Minister of State for Finance, Taiwo Oyedele, for his leadership in modernising colonial-era tax laws into "manageable, realisable, and understandable levels".
Addressing concerns about the new tax reforms, Tinubu assured that NRS had repositioned itself as a revenue hub, equipped with capacity and technology, backed by research and data-driven policies, and sensitive to the needs of the people, particularly, the vulnerable.
According to him, "The reforms are designed to simplify our system, eliminate distortions, and create a fair, transparent and investment-friendly environment.
"Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people."
Tinubu said, "The early results are encouraging and fantastic. Mr Adedeji, thank you very much. We are witnessing improved fiscal stability, strength, stronger foreign reserves, a more efficient trade ecosystem, and increased investor confidence in Nigeria's economic direction."
He added, "These gains are not incidental. They are the products of deliberate policy, sustained effort, and a commitment to doing what is right for the long-term prosperity of our nation. It is within this context that we commission the headquarters of the Nigerian Revenue Service.
"The building is more than concrete and steel. It is a symbol of a new standard of professionalism, transparency, efficiency, and service. It reflects our resolve that institutions must rise to meet the demand of reforms and the expectations of the Nigerian people.
"We must thank all Nigerian people for enduring and persevering."
Tinubu urged the executive chairman of NRS to ensure that the institution upheld the highest standards.
He stated, "It must not only collect revenue, but it must also build trust, ensure fairness, and demonstrate that the government can be accountable, efficient, and responsible.
"It must become a model institution that earns confidence at home and respect abroad. Let the future be better than the past. Let's make and keep that promise sincerely for the future. Let those who will come after us, politics apart, be ready to build on history that is greater than the achievements of their forebears."
The president used the forum to mock the opposition political parties, saying he will not hesitate to send Akpabio to destabilise them.
Tinubu teased Akpabio, saying he could be sent to the opposition camp to confuse them.
"Senate President, I will send you to the other side to represent me. And then you can scatter them any way you want," he joked.
"They're confused!" he added.
The president concluded his speech with a light remark, saying, "God bless Nigeria, God bless the Federal Republic of Nigeria, and the tax collectors."
Earlier, Akpabio urged Nigerians to be patient with the Tinubu administration, stating that the economic reforms are already yielding results.
He stated, "Nobody has noticed that since we came on board, we have not had 3-5 km of vehicles lined up at fuel stations to buy petrol. There was a time that we were prepared to pay even N10,000 per litre for fuel, but they could not see the fuel. But today, there is no single fuel queue in Nigeria.
"Nobody is saying that because we encouraged and partnered with the private sector for the first time, we are now producing what we consume and consuming what we produce. We even go to the extent of sending it to other countries."
The senate president predicted that the current spate of bombings in the country was likely to abate as soon as the elections were over next year, doubling down on his allegation that the opposition has a hand in the worsening security situation in the country.
He said, "We are seeing incidents today. It's even increasing because the election is coming. As soon as the election is over, watch out. The first two weeks, you will not hear any single bomb blast."
The remarks came on a day speakers, including Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Akpabio; Speaker of the House of Representatives, Hon. Abbas Tajudeen; and Managing Director, CCECC Nigeria, Mr. Guan Shuai, among others, showered accolades on Adedeji over his exemplary leadership and achievements at NRS.
Abbas commended Tinubu for strengthening the economy with new reforms.
He stated, "For many years, our revenue system struggled less from a lack of effort than from a lack of coherence. We operated multiple regimes, overlapping mandates and fragmented legal frameworks. The result was predictable--high effort, low yields, limited public confidence.
"What has come under your administration is not only the policy directive, but also the underlying logic of the system. The reforms have sought to align rules, institutions and incentives within a single framework."
Adedeji: Nigeria Fortunate to Have Tinubu as Leader at Such Critical Time
In his welcome address, Adedeji stated that if the subsidy regime had continued, the country's net external reserves, currently at $34 billion, would have remained below $2 billion.
He also said inflation, now below 15 per cent, could have surged to about 120 per cent if the trends continued unchecked.
The NRS boss added that debt service, which is currently below 50 per cent, would have exceeded 100 per cent of total revenue if actions were not taken by Tinubu.
He said, "Simply put, if 78 per cent of the total budget is already committed, alongside legacy debts accumulated long before my birth, the burden would have risen to about 150 per cent of the total budget."
He pointed out that without the unification of the exchange rate by the president, the "official exchange rate would still be hovering between N460 and N700, depending on the segment, while the parallel market could have reached between N3,000 and N4,500 per dollar."
Adedeji said, "Today, the exchange rate stands between N1,300 and N1,500--relatively stable--and for the first time in over a decade, the gap between official and parallel markets has virtually disappeared.
"In fact, there is hardly any incentive to operate in the parallel market anymore because the disparity no longer exists."
Adedeji declared that Nigeria was fortunate to have Tinubu as leader at such a critical time.
He said but for the president's decisive action, petrol supply would have been severely constrained, with hash consequences, including high petrol prices and scarcity of the product.
He said, "Today, however, we enjoy a steady supply. This has been made possible because it is now easier to rely on local refining than external supply chains.
"Mr. President, as you have always emphasised, policy must be data-driven. That is why I have come with data--because I believe in presenting facts, not assumptions.
"Globally, petrol prices tell an interesting story. In Europe, prices are around $1.70 per litre; in the United States, about $1.70--roughly 22 per cent higher than our current levels. In India, prices are about 25 per cent higher, and in South Africa, about 35 per cent higher.
"On a global average, Nigeria's petrol price is approximately 50 per cent lower. This is largely because you enabled local refineries to operate. From an economic and historical perspective, it is rare to see refined petroleum products sold in local currency without reliance on foreign exchange. This innovation has made what once seemed impossible, possible."
Adedeji added, "I recall vividly that Sunday--about 50 days into your administration--when you called and said, 'Put your pen and notes aside; I want to tell you something.' You stated that oil is always benchmarked in dollars, and yet you directed us to rethink the model. That decision has transformed the landscape.
"Today, not only do we have availability, but we are also moving from being a net importer to a net exporter of refined petroleum products. This is a remarkable achievement."
He said, "Mr. President, this is what efficient leadership looks like--the ability to take difficult decisions, align institutions, and translate reforms into measurable outcomes that position a nation not just for the present, but for the future.
"Only a leader with clarity of purpose, courage of conviction, and commitment to long-term national interest can drive reforms at this scale."
He stated that at the inception of the current administration, the country faced a critical inflexion point, marked by constrained fiscal space, weakened investor confidence, and structural distortions across key sectors.
However, through reforms approved by the president, the macro-economy had stabilised.
Among other things, the NRS chairman said over 60 fragmented tax laws were streamlined into a simplified and more coherent framework, enabling efficiency in administration.
He said the country recorded a historic domestic revenue performance, demonstrating that disciplined reform yields sustainable results.
According to him, revenues more than quadrupled between 2021 and 2025 collections, reflecting sustained upward momentum.
Adedeji stated that year-on-year growth stayed positive, with sharp accelerations in 2021-22 and 2023-24, adding that achieving the 2026 forecast will require enhanced enforcement, expanded compliance efforts, and continued operational excellence under NRS.
He said beyond taxation, fiscal governance had been strengthened through improved remittance systems and tighter controls on public financial flows, as total tax revenues to government rose to N3.635 trillion in September 2025, from N711 billion in May 2023.
He described the commissioning of the NRS headquarters building as "the culmination of a defining institutional journey".
Adedeji explained, "When this administration assumed office, Nigeria faced a critical inflexion point marked by fiscal constraints, weakened investor confidence and structural distortion across key sectors. What followed was not an incremental adjustment but a comprehensive concept of the nation's economic and financial architecture.
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"Through your decisive actions, you restored microeconomic credibility, unified foreign exchange markets, cleared long-standing backlogs and re-established confidence in Nigeria's ability to operate a transparent and market-driven system."
Adedeji thanked Tinubu for providing visionary leadership and support to NRS.
He said, "These were not easy decisions, but they were necessary. History will recognise and be kind to you. Building on this foundation, your administration undertook one of the most significant revenue reforms in Nigeria's history.
"To put this in perspective, the first tax laws in this country were enacted in 1903, 133 years ago. We changed that. Over 60 fragmented tax laws were streamlined into a simplified and more coherent framework, strengthening compliance, improving predictability, and enabling efficient administration."
He emphasised that the new tax laws were not "driven by a higher tax burden, but by a better system with broadened coverage and improved structural governance".
According to Adedeji, "Five years ago, the total collection for Nigeria's revenue was N6.8 trillion, and by 2025, we ended the year with N28.7 trillion."
He added that fiscal governance had been strengthened to improve remittances, enhance transparency, and tighten control over public finance flows.
The NRS chairman stated, "To put this in perspective, Mr President, in May 2023, when you assumed office, the total money available for the federation was N711 billion. By September 2025, it was N3.6 trillion, which is 400 per cent above what we inherited, and you can see that from the commissioning you've done in the states. They allude to the fact that you've given them what no government in the history of Nigeria has given to them.
"Trade has been modernised through the recently launched National Single Window (NSW), reducing inefficiency and boosting revenue. Ten years ago, we tried to implement the National Single Window six times. In less than three years under your leadership, in collaboration with the Nigeria Customs Service, we launched the National Single Window on March 27th."
Guan Shuai, on behalf of the construction company, congratulated Tinubu on his impactful economic policies that meant well for the people.
He said, "And now Looking at the policy of removing fuel subsidies, unifying the exchange rate and the whole Renewed Hope Agenda, all the things he (Tinubu) has done are not easy jobs. But he decided and insisted on doing them.
"A leader who dares to change, who dares to reform, who brings the country development and hope. That's truly great. And we are so lucky to have a leader like that."
He said the completion of the NRS headquarters was not merely the delivery of a project but "stands as a powerful testament to the Renewed Hope Agenda. It marks a new chapter in the nation's development under the leadership of our president.
"As we look ahead, let us remain united along with him to build a stronger, more hopeful country."
