New Tax Law Coming With Good News for The Poor, Low Income Earners- Tinubu

President Bola Tinubu has informed Nigerians not to be apprehensive about the new tax regime to begin next year, saying the law is coming with good news to the poor, the low-income earners, as well as, small businesses.

The President gave the assurance in an address delivered at the 8th Annual Senator Abiola Ajimobi Roundtable and 76th Posthumous birthday held at the University of Ibadan, Ibadan, on Tuesday.

The event themed “Pathways to Electoral Credibility: Reforms political parties, re-engineering citizens, and Restoring Trust in Nigerian democracy”, was organised by Senator Abiola Ajimobi Foundation (SAAF) in collaboration with The Institute of Peace and Strategic Studies, UI. It attracted friends, associate, family members, partners, of the late former Oyo governor. It held under the chairmanship of a former governor of Ogun state, Aremo Olusegun Osoba.

Speaking through the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. Zaccheus Adedeji, the President lauded the late former Governor for the various reforms that he facilitated while he held sway at the helms of affairs in the state. Similarly, he said that a recent evidence has shown the drastic economic measures his administration undertook were necessary to revitalize the economy.

To the President, investors have since been reaffirming their confidence in the economy as the fruits of the reforms become manifest with robust macro-economic indicators, and that the GDP is growing as inflation is tumbling down and improvement is being witnessed in fiscal deficit.

Tinubu recalled that both himself and the late Ajimobi shared many ideas, particularly making difficult and hard decisions with initial hardship but with lasting transformation despite difficulties.

The President said, “We shared many ideals. For instance, he believed that a leader must take the people he governs to the height they ought to be, even it if involves making tough choices and decisions that would engender initial discomforts, but which would in the long run catapult the state to greater development.

“As recent evidence has shown, the drastic economic measures our administration undertook were necessary to revitalize the economy. Investors have since been reaffirming their confidence in the economy as the fruits of our reforms become manifest with robust macro-economic indicators. Our GDP is growing, inflation is tumbling down and improvement is being witnessed in fiscal deficit.

“Companies which were hitherto posting losses have returned to profitability with improved capacity utilization and investment levels have gone up. The impact of these improvements will be felt more by Nigerians, particularly in the new year with huge reliefs coming from the new tax laws which exempt food, medication, education, agriculture and shared transportation from burdensome taxes and free businesses from multiple taxes.

“I wish to use this opportunity to assure Nigerians that there should be no apprehensions about the new tax laws, which implementation is starting next year. The laws come with good news to the poor, the low-income earners as well as small businesses.”

He commend the wife of the late governor, an ambassador-designate, Mrs Florence Ajimobi, for keeping the family flag flying. “Let me conclude with these parting words to the APC leaders and members in Oyo State: the best tribute and honour you can all give to our departed statesman is to unite and strengthen the party to take over the reins of government in the state in 2027. This is achievable. And this must be achieved”, President Tinubu noted.

In his remarks, the host, Governor Seyi Makinde, who was represented by his Deputy, Bayo Lawal, described the roundtable as a fitting platform to honour the legacy of the late former governor and to engage critically with issues central to Nigeria’s democratic development.

A former Chief of Staff to late President Muhammadu Buhari, Professor Ibrahim Gambari, in his lecture, said the reform of political parties is the most critical factor for unlocking broader democratic renewal, adding that strong democratic parties can drive other reforms, mobiles citizens and hold institutions accountable.

He identified voters apathy, democratic disillusionment and disengagement, political party dysfunction (poverty of internal democracy), institutional weaknesses, Electoral violence and insecurity, as well as, crisis of trust deficit as the key and persistent challenges to electoral credibility.

To him, for electoral system to be credible and deepening of democracy in Nigeria, there should be comprehensive civic education programme whereby civic education is incorporated into school curriculum at all levels while the Independent National Electoral Commission (INEC) and Civil Society Organisations carry out continual public education campaigns through radio, television, social media , traditional town halls and religious institutions.

Speaking earlier, SAAF President, Dr Florence Ajimobi commended President Tinubu for “his unrivaled constancy to his worthy compatriots, Senator Abiola Ajimobi, his personality, virtues, memory, legacy and their shared values on good governance and democratic commitment remains deeply appreciated.”

Some of the dignitaries at the event include: Speaker, House of Representatives, Rt. Hon. Tajudeen Abass (Special Guest of Honour), Governors Hope Uzodinma (Imo), traditional rulers, community leaders, students among others.

Written By Sola Adeyemo.

OYO NEWS