Dr. Tope Fasua, Special Adviser on Economic Matters to President Bola Tinubu, has credited the administration’s tax and economic reforms with raising workers’ salaries, reducing inflation, and driving economic growth, while urging Nigerians to adopt a positive mindset toward the changes.
Speaking in an interview with Arise News on Friday, Fasua highlighted that about 90 per cent of Nigerian workers saw an increase in their January take-home pay as a result of recent tax reforms.
“The law reduces the burden on people earning below N25 million per year — that’s roughly 95% of Nigerians,” he explained.
He noted additional improvements, including lower food prices, stronger naira exchange rates, higher exports, and reduced imports.
“As of yesterday, the naira reached N1,394 at the official market — the lowest in about two and a half years. Lives are getting better, and this is a process,” Fasua said.
Addressing complaints from farmers about falling prices, he clarified that lower costs benefit the majority of Nigerians.
“If food prices are dropping, that’s helping curb inflation. We need to change the narrative,” he said.
Fasua also spoke on Nigeria’s revenue challenges, emphasising that low collection efficiency and leakages, rather than inadequate taxation, are the main issues.
“The new Nigeria Revenue Service (NRS) will be under pressure to improve collections. The reforms aim to formalize more of the economy, currently about 70 per cent, to perhaps 80 per cent,” he said.
On the harmonisation of taxes, Fasua acknowledged short-term confusion but assured Nigerians that clarity would come soon.
“This is the most comprehensive tax review in Nigeria’s history. It covers payee, VAT, company income, petroleum profits, and even research and development deductions for manufacturers,” he explained.
Looking ahead, he highlighted government plans to accelerate economic growth and disinflation, noting that Nigeria could achieve growth rates of 6–8 per cent, far above World Bank projections.
Fasua called on Nigerians to embrace the reforms and rethink perceptions of poverty in the country.
“Multidimensional poverty is different from living below the poverty line.
”Some habits in Nigeria also limit progress. We must focus on export growth and reducing import dependency,” he said.
