Shettima Advocates Tax Reforms, Claims They Will Alleviate Nigerians' Financial Strain

Vice President Kashim Shettima has expressed support for the federal government’s tax reform initiative, asserting that it will enhance the quality of life for Nigerians and eliminate the difficulties posed by multiple taxes on both businesses and low-income groups.

During a speech on Wednesday night at an interfaith gathering for Ramadan and Lent at the State House in Abuja, where he stood in for President Bola Tinubu, Shettima stated that the reforms are designed to alleviate poverty and facilitate economic growth instead of exacerbating the financial challenges faced by citizens.

The gathering was attended by members of the Federal Executive Council, the Governor of the Central Bank of Nigeria, various presidential advisers, senior special assistants, and heads of government agencies.

Shettima explained that the tax reforms will help streamline Nigeria’s tax system and lessen the burden of excessive fees levied on small businesses and individuals.

"Those who claim that the tax reform is intended to further impoverish the poor are missing the mark," he remarked. "We need to go out and share the facts with the public. It is crucial to inform citizens and engage in open discussion about these reforms."

The Vice President called on government officials and stakeholders to tirelessly convey the goals and advantages of the administration’s initiatives to the populace.

He reassured the audience that the administration is deeply concerned about citizens’ welfare, stressing that its policies aim to assist numerous individuals in escaping poverty without increasing their financial burden.

Relaying some of the accomplishments of the government’s economic policies, Shettima highlighted improvements in foreign exchange reserves, the alignment of exchange rates, and the removal of the fuel subsidy.

He acknowledged President Tinubu's bravery in implementing reforms that were previously neglected by other administrations.

Shettima noted that while the removal of the fuel subsidy was not initially mentioned in the President’s opening address in 2023, it became a necessity as it was draining vital resources for national development.

He pointed out that the economic outlook has greatly improved since these reforms were enacted, stating, "Three years from now, the economy will have rebounded."

The Vice President expressed gratitude to government officials and other stakeholders for their support of the administration’s reform agenda and encouraged them to remain dedicated to promoting its successes.