Nigerians will soon begin to reap the benefits of Tinubu's economic reforms — Adedeji

In this interview, the President's Special Adviser for Revenue, Mr. Zaccheus Adedeji, speaks about the will of the administration of President Bola Tinubu to eradicate Nigeria's dependence on debt by raising the country's revenue profile and on the ongoing reforms that should change the situation. Nigeria's economic fortunes for good.

The last 100 days have been eventful following the reforms launched by President Tinubu. While international investors hailed the reforms, it was Nigerians who felt the impact the most, leading many to question efforts to restructure the economy. As revenue assistant, do you think the President is on the right track to complete his election campaign?

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I know it is symbolic to assess the performance of a new administration over the first 100 days, sometimes even over a shorter period. However, for this government, it is not simply about the present moment or what the president has done in the short period of his mandate, rather it is about the medium and long term vision of how whose economy he wants to reposition and make life easier. best for Nigerians. We are laying the foundations for a prosperous future. You will agree with me that while the foundations are the most important structure of a building, they are not always the prettiest. Once the home begins to take shape, the beauty will not only be apparent for all to see, but will also provide the much-needed shelter to protect the occupants from the weather and other adverse external conditions.

We have accomplished a lot of things that I am proud of in a short time. These include addressing some critical private sector concerns over pressing fiscal issues, removing unnecessary subsidies on PMS to create fiscal space and limit excessive borrowing, forex reform to address market distortions, just to name a few.

So overall I can say that we are on the right track and moving in the right direction.

What approach is the government taking to help Nigerians who are experiencing the high cost of living due to the removal of fuel subsidies?

You will recall that Mr. President signed some executive orders on July 6, which reversed tax increases on manufacturers and suspended excise duties on single-use plastics, which would have primarily affected SMEs and potentially triggered higher prices and further inflation. The orders also postponed the effective date of various changes introduced via the Tax and Finance Measures Act 2023 to give individuals and businesses a reasonable period of time to adjust to the changes without major disruption to their lives. operations and their livelihoods. Removing unnecessary PMS and Forex subsidies has halted our cash drain haemorrhage and will ensure the government is on a path to sustainable funding with less reliance on the CBN overdraft for public finances. Although some of these measures have unfortunately created short-term hardship for many people, we are confident that Nigerians will start reaping the benefits sooner rather than later. In addition to various federal and subnational government interventions, other initiatives are being developed in consultation with key stakeholders that are expected to have positive and more fundamental impacts on the population.

What steps are being taken to diversify Nigeria's revenue streams and reduce reliance on a single sector for revenue generation?

We believe that Nigeria will be lucky if only we can improve our political environment and increase the efficiency of the private and public sectors. This is one of the reasons why the President recently endorsed the establishment of a Presidential Committee on Tax Policy and Tax Reforms, comprised of eminent Nigerians from all walks of society, tasked not only to advise the government on the necessary reforms, but also to support their implementation. Ultimately, the outcome of the committee's work as well as other government policy actions will result in productive diversification of the economy, government revenue sources and foreign exchange earnings.

What strategies are in place to attract foreign direct investment and ensure an enabling environment for investors in Nigeria, and what are the long-term benefits for Nigerians?

The President's philosophy is that we should not tax investments but returns on investments. Do not tax production but consumption. We should not tax poverty, but facilitate and share prosperity through fair and progressive taxation. This is the reasoning behind Mr. Speaker's recent remark that this government...