Former presidential candidate of the Social Democratic Party, SDP, Prince Adewole Adebayo, has criticised President Bola Tinubu’s tax policy, describing it as neither revolutionary nor beneficial to the economy.
Reacting to comments by former Speaker of the House of Representatives, Yakubu Dogara, who had lauded Tinubu’s reforms, Adebayo argued that the president is simply continuing his long-standing reputation as a tax enforcer.
“President Tinubu has always been known as a tax collector. What he is doing today is only an extension of the model he applied in Lagos. It may be more organised than what he met in Abuja, but Dogara’s praises are exaggerated,” he said in an interview.
He contended that the much-publicised N14 trillion reportedly generated in taxes this year carries less real value than the N7 trillion raised the previous year, owing to inflation and dwindling purchasing power.
“The government should not be celebrating figures that are worth less in practical terms. What matters is what that revenue can buy in the current economy,” he said.
According to Adebayo, Tinubu’s approach risks suffocating economic growth rather than stimulating it.
“Taxation should drive productivity, not undermine it. If people are taxed out of business, spending will decline, jobs will vanish, and opportunities will dry up. Without fresh investment in infrastructure and other key sectors, the GDP will inevitably shrink,” he warned.
While insisting he has a more equitable and growth-oriented tax blueprint, Adebayo said such ideas would only be unveiled if the SDP forms government.
“I have a fairer and more realistic tax policy that would expand GDP, but I am not the one in charge today. When the SDP wins, Nigerians will see a system that encourages productivity rather than stifling it,” he added.
