Former Speaker of the House of Representatives, Yakubu Dogara, has blamed Nigeria’s economic woes on policies of the late President Muhammadu Buhari, arguing that N22.7 trillion printed and injected into the economy severely devalued the naira.
Speaking on Tuesday during the maiden Distinguished Parliamentarian Lecture at the National Assembly, Abuja, Dogara described the foreign loans and crude oil–linked measures that sustained the economy under Buhari as “voodoo economics.”
“The policy under Buhari undermined the value of the naira. Massive liquidity injections, dual exchange rates, and unproductive forex allocations left the economy teetering on the brink of collapse by the time President Bola Tinubu assumed office,” Dogara said.
He criticised the Ways and Means financing and dual exchange rate system, which he said enriched a few at the expense of many.
“Some benefited from forex allocations without producing goods or services. Crude sales tied to foreign loans only worsened the situation,” he added.
Dogara, who now chairs the board of the National Credit Guarantee Company, commended the Tinubu administration’s urgent reforms, particularly the 2025 tax reform package.
He highlighted that the reforms consolidate 16 federal tax laws into four principal Acts, expand the tax base to digital services, virtual currencies, and FX gains, and introduce minimum taxes for large companies.
“The reforms are designed to protect vulnerable Nigerians, encourage investment, improve competitiveness, and provide government resources for infrastructure, healthcare, education, and security,” he said.
Addressing concerns about the five percent fuel surcharge, Dogara clarified that it is not a new tax, will exempt household energy products like kerosene and LPG, and will only take effect following ministerial approval published in the official gazette.
While praising the reforms, Dogara warned of challenges including interpretation uncertainties, technological readiness, skilled manpower shortages, and short-term compliance costs.
He urged businesses to invest in systems and training to adapt, emphasising that public trust is key to successful tax reform.
Speaker of the House, Tajudeen Abbas, through House Spokesperson, Akin Rotimi, said Tinubu’s reforms simplify compliance, broaden the tax net, and reduce burdens on ordinary Nigerians.
He noted that the planned harmonisation of tax collection processes, effective January 2026, aims to improve efficiency, fairness, and transparency.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), called for strong media collaboration to deepen public understanding of fiscal reforms.
Civil society advocates also urged the government to ensure transparency and fairness, warning that women and vulnerable groups often bear the brunt of unfair tax practices.
The lecture, organised by the House Press Corps, aimed to bridge gaps between the legislature and the public, clarify national issues, and educate Nigerians on the sweeping reforms under President Tinubu.