President Bola Ahmed Tinubu has reassured Nigerians not to fear the new tax regime set to take effect in 2026, emphasizing that it is designed to ease the burden on low-income earners, small businesses, and the poor.
The President’s message was delivered on Tuesday at the 8th Annual Senator Abiola Ajimobi Roundtable, which coincided with the 76th posthumous birthday lecture of the late Oyo State Governor.
The event, held at the University of Ibadan, was organized by the Senator Abiola Ajimobi Foundation in partnership with the Institute of Peace and Strategic Studies.
This year’s theme was “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy.”
The lecture attracted a wide audience, including friends, family, associates, and partners of the late governor. It was chaired by former Ogun State Governor, Olusegun Osoba. Ajimobi, who led Oyo State from 2011 to 2019, passed away in June 2020.
Economic Reforms Yielding Positive Results
Speaking through the Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji, President Tinubu highlighted the positive outcomes of his administration’s recent economic reforms.
He acknowledged that while the measures were initially challenging, they are now beginning to bear fruit.
“Our economic reforms were necessary to revive the nation’s economy,” the President said. “Investors are increasingly confident, and we are already seeing progress through improved macroeconomic indicators.”
He pointed to notable developments:
* GDP growth is gaining momentum.
* Inflation is gradually declining.
* The fiscal deficit is improving.
* Previously loss-making companies are now profitable, with higher capacity utilisation and renewed investment.
Relief Through New Tax Laws
Tinubu assured that the benefits of these reforms would become more tangible in the coming year, particularly through the introduction of new tax laws. According to him, these laws will reduce multiple taxation and exempt essential sectors from excessive taxes.
“Critical areas such as food, medicine, education, agriculture, and shared transportation will no longer be burdened by heavy taxes. Small businesses will also be freed from multiple taxation,” he explained. “There is no cause for concern; these laws are meant to bring relief to Nigerians, especially the poor and low-income earners.”
Honouring Ajimobi’s Legacy
The President also paid tribute to the late governor, describing Ajimobi as a leader committed to long-term development and making tough, but necessary decisions for the greater good.
“We shared a vision of leadership that prioritizes the welfare of the people, even when it requires difficult choices. His legacy is one of dedication to progress and development,” Tinubu said, also commending Ajimobi’s wife, Ambassador-designate Florence Ajimobi, for preserving the family’s legacy.
Addressing members of the All Progressives Congress in Oyo State, Tinubu encouraged unity ahead of the 2027 elections. “The best way to honor our departed statesman is to unite the party and reclaim leadership in the state,” he urged.
Reflections on Democracy
Oyo State Governor, Seyi Makinde, represented by Deputy Governor Bayo Lawal, described the roundtable as an important platform to celebrate Ajimobi’s contributions and tackle key challenges facing Nigerian democracy.
He emphasized that rebuilding public trust requires sincere, accountable, and inclusive governance, while credible elections depend on strong internal democracy within political parties.
Former Chief of Staff to ex-President Muhammadu Buhari, Prof. Ibrahim Gambari, delivering the lead paper, identified political party reform as crucial for strengthening democracy. He highlighted voter apathy, weak party structures, electoral violence, insecurity, and trust deficits as ongoing obstacles to credible elections.
Florence Ajimobi, President of the Senator Abiola Ajimobi Foundation, praised President Tinubu for his loyalty to the late governor and continued support of the foundation’s initiatives, describing it as a testament to their shared commitment to good governance.
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Other dignitaries present included the Speaker of the House of Representatives, Tajudeen Abbas, who served as Special Guest of Honour, Imo State Governor Hope Uzodimma, traditional rulers, community leaders, and students.
