Mkpoikana Udoma
Port Harcourt — Vice President Kashim Shettima on Wednesday said Nigeria’s new tax reforms will eliminate the burden of multiple levies imposed on small businesses and low-income earners, a move he said would help reduce poverty and improve livelihoods across the country.
Shettima, who spoke on behalf of Bola Ahmed Tinubu at an interfaith breaking of fast for Ramadan and Lent at the State House in Abuja, said the reforms were carefully designed to support economic growth while protecting vulnerable Nigerians.
The Vice President explained that the administration’s fiscal reforms were being misrepresented by critics, stressing that the policies were structured to simplify the tax system and remove excessive financial pressures on small businesses.
“The same people who are shouting hoarse that the tax reform is meant to pulverise further and pauperise the poor are far from the truth, but we have to go out and tell the truth to the people,” Shettima said.
He added that government officials must actively educate Nigerians on the benefits of the reforms and counter misinformation surrounding the policy framework.
“We have to educate them. We have to mount the pulpits and take our government to the Nigerian people and tell them the truth,” he stated.
According to Shettima, the tax reforms form part of broader economic restructuring efforts by the administration aimed at stabilising the economy and creating a more transparent and efficient fiscal system.
He highlighted several gains recorded under the administration’s economic reforms, including improved foreign exchange reserves, the streamlining of exchange rates and the removal of fuel subsidy.
Shettima noted that the subsidy regime had long drained the country’s resources while benefitting only a small segment of the population.
“The President had the courage to address issues that past administrations avoided for many years,” he said.
The Vice President recalled that although subsidy removal was not originally included in the President’s 2023 inaugural speech, the decision became necessary because the policy was placing enormous pressure on the nation’s finances.
He maintained that the tough reforms were beginning to yield results, noting that Nigeria’s economic outlook had improved.
“Three years down the road, the economy has bounced back,” Shettima said.
He thanked members of the Federal Executive Council and other government officials for their support and partnership in implementing the administration’s policies.
“On behalf of the President, I want to thank you all for comradeship, support and partnership,” he added.
The interfaith event was attended by members of the Federal Executive Council, the Governor of the Central Bank of Nigeria, special advisers, senior special assistants, and heads of government agencies and parastatals.
