President Bola Tinubu has assured Nigerians that the new tax regime introduced by his administration will lay a solid foundation for shared prosperity, sustainable economic growth and long-term fiscal stability.
In his New Year goodwill message marking the start of 2026, the president said the reforms entering a critical implementation phase were designed to build a fair, competitive and robust fiscal framework for the country.
“The new year marks a critical phase in implementing our tax reforms, designed to build a fair, competitive, and robust fiscal foundation for Nigeria,” Tinubu said. “By harmonising our tax system, we aim to raise revenue sustainably, address fiscal distortions and strengthen our capacity to finance infrastructure and social investments that will deliver shared prosperity.”
The president emphasised that the reforms were not intended to overburden citizens but to eliminate multiple taxation, streamline levies and improve revenue efficiency. He commended states that have aligned with the national tax harmonisation agenda by adopting unified tax laws to ease the burden on individuals and businesses.
According to him, a streamlined tax system will enhance the country’s ability to fund critical infrastructure and social investments. The new tax regime officially took effect on January 1, 2026.
Reflecting on the past year, Tinubu said the difficult reforms undertaken in 2025 were already yielding measurable gains despite global economic headwinds. He expressed confidence that the positive impact would increasingly be felt by ordinary Nigerians in the new year.
President Tinubu also unveiled an ambitious inclusive growth initiative aimed at integrating at least 10 million Nigerians into productive economic activity.
Under the Renewed Hope Ward Development Programme, he said the government plans to empower a minimum of 1,000 people in each of Nigeria’s 8,809 wards through agriculture, trade, food processing and mining.
“The new year marks the beginning of a more robust phase of economic growth, with tangible improvements in the lives of our people,” he said. “We will accelerate the implementation of the Renewed Hope Ward Development Programme to expand opportunities at the grassroots.”
Tinubu noted that his administration remains focused on consolidating the economic gains recorded in the past year and building a resilient, inclusive and growth-oriented economy. He said the fiscal reset initiated by his government had begun restoring confidence and stability across key sectors.
He recalled presenting the 2026 Appropriation Bill to the National Assembly, stressing that the reforms implemented so far were laying a solid foundation for long-term stability and prosperity.
“With patience, fiscal discipline and unity of purpose, Nigeria will emerge in 2026 stronger and better positioned for sustained growth,” the President said.
Providing an overview of economic performance, Tinubu said Nigeria closed 2025 on a strong note, recording robust GDP growth in every quarter, with annualised growth projected to exceed four per cent.
He added that the country maintained trade surpluses, achieved greater exchange-rate stability and steadily reduced inflation, which fell below 15 percent in line with government targets.
He also highlighted the performance of the Nigerian Stock Exchange, which he said outperformed its peers with a 48.12 per cent gain in 2025, extending a bullish trend that began in the second half of 2023.
On external buffers, Tinubu disclosed that Nigeria’s foreign reserves stood at $45.4 billion as of December 29, 2025, strengthening confidence in the naira and providing protection against external shocks.
Investor confidence, he said, was also rebounding, with foreign direct investment rising sharply to $720 million in the third quarter of 2025 from $90 million in the preceding quarter. He added that global credit rating agencies, including Moody’s, Fitch Ratings and Standard & Poor’s, had consistently affirmed Nigeria’s economic direction.
On security, the president acknowledged that economic progress must go hand in hand with peace and stability, noting that the country continued to face threats from criminal and terrorist elements.
He said decisive actions were taken against terrorist targets in parts of the Northwest on December 24, in collaboration with international partners, including the United States, with sustained military operations ongoing in the Northwest and Northeast.
Tinubu pledged that in 2026, Nigeria’s security and intelligence agencies would deepen cooperation with regional and global partners to eliminate all threats to national security.
He reaffirmed his commitment to protecting lives, property and the country’s territorial integrity, while reiterating his support for decentralised policing complemented by properly regulated forest guards.
The president also assured Nigerians that his administration would continue to invest in modernising critical infrastructure, including roads, power, ports, railways, airports, pipelines, healthcare, education and agriculture, stressing that all ongoing projects would proceed without interruption.
Calling for national unity, Tinubu urged Nigerians to view nation-building as a shared responsibility, emphasising patriotism, integrity and collective purpose.
“To achieve our objectives in 2026, we must all play our part,” he said. “Let us resolve to be better citizens, better neighbours and better stewards of our nation.”
He concluded by wishing Nigerians a peaceful, productive and prosperous New Year, while praying for divine protection for the country, its armed forces and the defeat of all forces threatening national peace and stability.
