By Milcah Tanimu
In a recent interview, Mr. Zaccheus Adedeji, the Special Adviser to President Bola Tinubu on Revenue, discussed the ongoing economic reforms and efforts to boost Nigeria’s revenue profile. He touched on various aspects of the Tinubu Administration’s approach to governance:
**Caption:** “President Tinubu’s Economic Reforms on the Right Track, Says Special Adviser on Revenue”
**1. Focus on Medium to Long-Term:** Adedeji emphasized that President Tinubu’s government is prioritizing medium to long-term objectives rather than short-term gains. The administration aims to lay the foundation for a prosperous future, even if some of the initial steps may not be immediately visible or attractive.
**2. Achievements in a Short Period:** Adedeji highlighted some accomplishments within the short time since President Tinubu took office, such as addressing critical concerns of the private sector related to tax issues, removing the subsidy on petrol, and implementing forex reforms to address market distortions.
**3. Alleviating the Impact of Fuel Subsidy Removal:** Adedeji mentioned that the government has taken steps to mitigate the impact of fuel subsidy removal on Nigerians. This includes executive orders to reverse tax increases on manufacturers, suspend excise tax on single-use plastics, and defer the commencement of various changes to give individuals and businesses time to adapt.
**4. Diversifying Revenue Sources:** The administration aims to reduce Nigeria’s dependence on a single sector for revenue generation, primarily the oil and gas sector. To achieve this, President Tinubu approved the establishment of a Presidential Fiscal Policy and Tax Reforms Committee, which will advise and support the government in implementing necessary reforms. The goal is to diversify the economy and revenue sources, promoting growth and job creation in sectors like agriculture, solid minerals, and maritime.
**5. Capital Market Growth:** Adedeji noted that the market-friendly disposition of the administration has led to over 20% growth in the capital market, the best performance in 15 years. The government is also focusing on digital economy reforms to create more job and entrepreneurship opportunities for youth.
Overall, Adedeji conveyed the administration’s commitment to building a more vibrant and prosperous economy by fostering diversification, enhancing policy environments, and improving efficiency in both the private and public sectors. The government’s approach aims to ensure sustainable financing, reduce dependency on oil revenue, and promote economic growth and development.
