Speaker of the House of Representatives, Tajudeen Abbas, has declared that President Bola Tinubu’s tax reforms will transform Nigeria’s economy by expanding the national budget to at least five times its current size.
Abbas made the statement in Abuja during an interactive session with Nigerian youths.
The event, tagged “An Evening with 004,” was organised by the Office of the National Youth Leader of the All Progressives Congress (APC).
The Speaker explained that the Federal Government is already blocking revenue leakages that have limited national growth for decades.
According to him, this effort will strengthen Nigeria’s fiscal base and enable the government to fund projects and services adequately.
In a statement issued by his Chief Press Secretary, Leke Baiyewu, Abbas noted that Nigeria’s present revenue profile is too weak to meet national needs.
He said ministries and agencies have been forced to manage limited allocations because of poor inflows.
However, he expressed confidence that Tinubu’s reforms would unlock massive growth within the next two years.
“One thing I want you to go home with,” Abbas told the gathering, “is that Mr President and the National Assembly have crossed a major hurdle that has bedevilled our budgets paucity of revenue.
The good news is that within the next one to two years, with the tax reform initiative brought by Mr President, Nigeria’s budget will grow at least fivefold.”
He added that a larger budget would allow the government to allocate resources fairly across sectors and agencies.
Until then, he said, the “Envelope System” of budgeting, which limits allocations due to scarce revenue, would remain in use.
Abbas also used the occasion to highlight unity within the House of Representatives.
He credited the atmosphere of respect, regardless of political, ethnic, or religious differences, as the reason lawmakers have been able to work together effectively.
Speaking directly to Nigerian youths, the Speaker urged them to embrace honesty and transparency.
He said these values remain essential for anyone who wants to build trust and long-term success in public or private life.
On his personal journey, Abbas identified President Tinubu as one of his greatest mentors.
He praised the President’s ability to sustain loyal relationships for over four decades, describing it as a rare quality in politics.
Reflecting on his legislative career, Abbas said his proudest achievement was sponsoring 74 bills in the last Assembly, 22 of which were signed into law by the President.
He called the feat “unprecedented” and a demonstration of his commitment to governance.
With Nigeria still grappling with economic hardship, Abbas’ remarks point to a belief in reforms as the path to stability.
If the projections materialise, Tinubu’s tax reforms could set Nigeria on course for its biggest budget expansion in history.
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