Judul : Tinubu's Reforms: Economic Surgery, Says Senator Onowakpo
link : Tinubu's Reforms: Economic Surgery, Says Senator Onowakpo
Tinubu's Reforms: Economic Surgery, Says Senator Onowakpo
The head of the Senate Committee for Local Content, Honorable Senator Joel-Onowakpo Thomas, has stated that Nigeria's new tax and foreign exchange reforms are "strategic steps to restore an economy that benefits everyone," emphasizing that the policies are already showing tangible results despite early challenges.
Attending the 2025 NUJ Delta State Press Week on Thursday, the Senator gave a keynote speech titled “Tax Regimes and Exchange Rate Unification: Economic Implications and the Media’s Strategic Role”, outlining the Federal Government's financial and monetary reforms under President Bola Tinubu.
He mentioned that the administration had taken over a "complicated, inconsistent, and oil-reliant tax system," but has since eliminated conflicting laws, simplified collection agencies, and implemented four new tax laws designed to promote fairness, ease of use, and economic growth.
Contradictory, numerous, and complicated tax regulations have been removed," he stated. "The outcome is a stable tax system that fosters confidence and enhances adherence.
As per his statement, the new Nigeria Tax Act streamlines personal, corporate, petroleum, and value-added tax systems, with the Nigeria Revenue Service functioning as the single national revenue body.
The establishment of a Tax Ombudsman, he mentioned, represents a significant step forward in safeguarding taxpayers' interests.
Senator Joel-Onowakpo highlighted that the changes are designed to expand the tax base without placing additional strain on financially challenged families or companies.
"The goal is to boost revenue without causing additional difficulties. Minimum wage workers are now excluded, and the first N800,000 of income is taxed at zero," he mentioned.
He emphasized benefits for small and medium enterprises and startups, including zero tax rates for small businesses with earnings of ₦50 million or below, and broader VAT exemptions in sectors such as agriculture, education, land, and real estate.
Shifting focus to the foreign exchange market, the Senator referred to the move to float the naira as a "necessary but painful operation," contending that the period of multiple exchange rates had deterred investors and facilitated arbitrage.
He stated, "The initial impact was severe, but now the market is becoming more stable. There has been a substantial increase in capital inflow, and investor trust is on the rise."
He stated that foreign capital inflows increased from $3.95 billion in 2023 to $7.13 billion in 2024, with $5.64 billion noted in the first quarter of 2025. He also mentioned the naira's improvement from ₦1,695/$ in September 2024 to ₦1,440/$ in November 2025.
He credited this to lower importation of oil products, enhanced exports, and reduced strain on the Central Bank.
Senator Joel-Onowakpo emphasized that the National Assembly is dedicated to backing initiatives that "empower families, bolster small and medium enterprises, and encourage sustained economic growth."
He also outlined initiatives implemented for his Delta South voters, such as job generation via Local Content enforcement, training programs in welding, data science, solar installation, and drone operation, along with assistance for young engineers participating in NCDMB internship programs.
Furthermore, he revealed the advancements of two significant bills—the Federal Oil and Gas Hospital in Benikruku and the Oil and Gas Content Development Institute in Emede—both aimed at improving industry capabilities and assisting local communities.
Nevertheless, the Senator has assigned the media a "strategic function" in assisting the public in recognizing the advantages of governmental policies, expressing concern over the prevalence of false information on social media platforms.
Social media has turned everyone into a publisher, but not a journalist," he cautioned. "Misunderstandings and negative content now spread quicker than the truth.
He encouraged reporters to enhance their professional standards, "share our positive narratives," and assist in reshaping public opinion via truthful journalism and meaningful interaction.
The Senator ended by stating optimism that the NUJ Press Week would "diminish the issues of media negativity, enhance production, and promote national growth."
FROM NIGERIAN TRIBUNE- Return to School, Return to Work A New Beginning
- Love Connection: Public vs Private Proposals – Which is More Effective?
- "No" Is a Full Sentence: Why You Should Stop Feeling Ashamed
- Social Gathering: Friendship Discussion 2025 – Tips for Being a Good Friend and Important Issues About Friendship
- Police Subdue Armed Thieves in Ibadan Following Intense Conflict
Demikianlah Artikel Tinubu's Reforms: Economic Surgery, Says Senator Onowakpo
Anda sekarang membaca artikel Tinubu's Reforms: Economic Surgery, Says Senator Onowakpo dengan alamat link https://www.arablionz.pro/2025/11/tinubus-reforms-economic-surgery-says.html
0 Response to "Tinubu's Reforms: Economic Surgery, Says Senator Onowakpo"
Posting Komentar