President Bola Tinubu’s eight-point agenda addresses some of the most pressing issues facing Nigeria, such as food security, poverty eradication, job creation, and fighting corruption. These are essential pillars for fostering sustainable development. However, the agenda can benefit from further emphasis on infrastructural development, access to energy, and creating a conducive business environment, particularly for Small and Medium Enterprises (SMEs). These factors are key drivers of economic growth and are crucial to ensuring the success of Tinubu’s agenda. While the policy direction is commendable, successful implementation will depend on accountability, stakeholder engagement, and coordinated action across sectors to translate these policies into improved living standards and economic prosperity for Nigerians.

Regarding the appointments of key individuals to oversee the economy, particularly the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Central Bank Governor, Yemi Cardoso, it is evident that President Tinubu has selected experienced professionals with years of collaboration. The fact that they are aligned in their approach to fiscal and monetary policies suggests that they have the potential to implement cohesive strategies to address Nigeria’s economic challenges.

As for increasing government revenue through tax collection without overburdening companies or individuals, a balanced approach is essential. One solution could be improving tax compliance through the use of technology in tax administration, simplifying the tax system, and reviewing tax incentives. Introducing sector-specific tax reforms, especially in under-explored areas like the creative economy, could also help shore up revenues without stifling economic growth.

Regarding the Central Bank’s efforts to unify exchange rates and stop the naira’s free fall, it is important to recognize that economic policy outcomes take time. While Nigerians may expect quick results, these changes often take months to materialize. Transparency in foreign exchange transactions, promoting exports, and encouraging domestic production are all critical strategies that can help stabilize the naira and restore confidence in the market.

Tax evasion by large companies is a significant challenge that hinders revenue generation. The government can address this by strengthening tax laws, improving enforcement through data analytics, and promoting transparency with country-by-country reporting to ensure multinational corporations pay their fair share of taxes.

Lastly, PillarCraft is helping SMEs navigate challenges by providing tax education, advisory services, and cloud-based accounting solutions. By focusing on improving financial literacy and helping SMEs stay tax-compliant, PillarCraft is playing a vital role in supporting these businesses, which are essential to Nigeria’s economic growth. Through these efforts, SMEs are better positioned to thrive while fulfilling their tax obligations, contributing to a healthier business environment.