President Bola Tinubu has expressed pride in his legacy in Lagos State, declaring that the state has grown into Africa's fifth largest economy. He made the remarks during an interview where he defended his tax reform policies and highlighted the achievements of his administration as governor.
Tinubu Highlights Lagos Economic Growth
During the interview, Tinubu stated, "Today, Lagos State is the fifth largest economy in Africa. I'm very proud of the legacy I left behind there, and I'm still monitoring that." He credited the tax reforms implemented during his tenure as governor from 1999 to 2007 for transforming the state's economy.
Tax Reforms and Simplification
The president emphasized the need for tax reforms across Africa to be simple and understandable. "Tax reform will have to be written in English language, understandable, and not Japanese in English," he said. He added that a standard should be set that encourages genuine citizenship and commitment to paying taxes, without complexity.
Tinubu also pointed to technological advancements in Nigeria's tax system, noting that citizens can now pay taxes easily through their phones. "You can access yourself and you can evaluate yourself so easily from your telephone," he stated.
Call for Research and Development Investment
Beyond tax reforms, Tinubu urged African governments to invest more in research and development to empower young people. "What Africa needs is to also put funding in place for research and development. This research and development will get our youths going. They are highly intellectually inclusive. They will do it. Believe in them," he said.
The president's comments come amid ongoing discussions about Africa's low tax-to-GDP ratio, which remains around 16 percent globally. Tinubu's administration has frequently highlighted the economic growth of Lagos as a testament to effective governance and fiscal reforms.
