President Bola Ahmed Tinubu has appealed to Nigerians to remain calm and optimistic about the new tax framework scheduled to take effect in 2026, assuring citizens that the policy is deliberately structured to reduce the burden on low-income earners, vulnerable groups and small businesses.
The President gave the assurance on Tuesday, December 16, during the 8th Annual Senator Abiola Ajimobi Roundtable and the 76th posthumous birthday lecture in honour of the late former Governor of Oyo State. The event was held at the University of Ibadan and jointly organised by the Senator Abiola Ajimobi Foundation and the Institute of Peace and Strategic Studies of the university.
The lecture, themed “Pathways to Electoral Credibility: Reforming Political Parties, Re-engineering Citizens, and Restoring Trust in Nigerian Democracy,” drew political leaders, academics, family members, associates and admirers of the late Ajimobi. The gathering was chaired by former Ogun State Governor, Olusegun Osoba. Ajimobi, who governed Oyo State from 2011 to 2019, passed away in June 2020, a year after leaving office.
Tinubu’s message was delivered on his behalf by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zaccheus Adedeji. In his address, the President highlighted the rationale behind his administration’s economic reforms, acknowledging that while they initially caused discomfort, they were necessary to stabilise and revive the economy.
According to Tinubu, recent economic indicators show that the reforms are beginning to yield tangible results. He noted that investor confidence has improved significantly as macroeconomic fundamentals strengthen.
“Evidence has shown that the bold and sometimes painful measures undertaken by this administration were unavoidable,” the President said. “As the benefits of these reforms become clearer, investors have renewed their confidence, and the economy is responding positively.”
He pointed to improvements in key areas such as economic growth, inflation and fiscal stability. “Our GDP is expanding, inflation is declining, and the fiscal deficit is improving. Companies that were previously operating at a loss are returning to profitability, with higher capacity utilisation and increased investment,” Tinubu added.
The President stressed that Nigerians would begin to feel the full impact of the reforms more clearly in the coming year, particularly with the rollout of the new tax laws. He explained that the reforms are designed to simplify taxation, eliminate multiple tax obligations and offer targeted relief to critical sectors.
“The new tax laws will bring significant relief by exempting essential areas such as food, medication, education, agriculture and shared transportation from excessive taxation,” he said. “They will also free businesses from the burden of multiple taxes that hinder growth.”
Reassuring the public, Tinubu emphasised that the new tax regime is not meant to worsen the hardship of ordinary Nigerians. “There is no cause for fear,” he said. “The new tax laws, which will be implemented from next year, carry good news for the poor, low-income earners and small businesses.”
In his tribute to the late Abiola Ajimobi, the President described the former Oyo State governor as a leader who understood the importance of making tough decisions for long-term development. He said Ajimobi embodied purposeful leadership, even when such decisions initially proved unpopular.
“We shared many ideals,” Tinubu noted. “He believed that leadership sometimes requires making difficult choices that may cause temporary discomfort but ultimately position society for lasting progress.”
He also praised Ajimobi’s wife, Ambassador-designate Florence Ajimobi, for preserving and promoting her husband’s legacy of service, discipline and commitment to good governance.
Concluding his remarks, Tinubu called on leaders and members of the All Progressives Congress (APC) in Oyo State to close ranks ahead of the 2027 general elections. He urged unity and collective effort as the best way to honour Ajimobi’s memory.
“The greatest tribute you can pay to our departed statesman is to strengthen and unite the party so it can reclaim leadership of this state in 2027,” the President said. “This goal is achievable, and it must be achieved.”
Speaking at the event, Oyo State Governor Seyi Makinde, represented by his deputy, Bayo Lawal, described the roundtable as a meaningful platform to reflect on Ajimobi’s legacy while addressing the broader challenges facing Nigeria’s democracy. He acknowledged that the late governor made enduring contributions to governance in Oyo State, leaving lessons that transcend political affiliations.
Makinde emphasised that restoring trust in democracy requires sincerity, accountability and inclusive leadership, adding that credible elections depend on internal democracy within political parties and faithful delivery on campaign promises.
Delivering the keynote lecture, former Chief of Staff to ex-President Muhammadu Buhari, Professor Ibrahim Gambari, identified political party reform as the cornerstone of democratic renewal in Nigeria. He highlighted challenges such as voter apathy, democratic disillusionment, weak internal party structures, institutional fragility, electoral violence, insecurity and public mistrust as major obstacles to credible elections.
Earlier, the President of the Senator Abiola Ajimobi Foundation, Florence Ajimobi, expressed gratitude to President Tinubu for his continued support and loyalty to her late husband’s ideals. She said the President’s consistent participation in the annual lecture and his commitment to the event reflected a genuine dedication to the principles of good governance and democracy that Ajimobi championed.
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