FIRS Chairman Credits President Tinubu for Increased Tax Revenue

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In a recent interview, Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji attributed the agency’s success in increasing tax revenue to President Bola Tinubu’s strategic economic policies. Adedeji highlighted the key reforms and customer-focused approaches implemented under his leadership at FIRS.

Role and Expectations

Adedeji emphasized that mobilizing domestic revenue is critical for the country’s economic engine. He acknowledged President Tinubu’s knack for selecting the right talent to drive national goals and highlighted his initial role as Special Adviser on Revenue as preparation for his current position.

Mandate and Achievements

The mandate given to Adedeji and Finance Minister Wale Edun is clear: to mobilize domestic revenue. The FIRS set ambitious targets, surpassing the 2023 goal by collecting N12.374 trillion against a target of N11 trillion. For 2024, the target is set at N19.4 trillion, and Adedeji expressed confidence in meeting this goal.

Strategies and Reforms

Adedeji credited President Tinubu for the significant increase in tax revenue, noting key policy changes like the removal of fuel subsidies, the unification of exchange rates, and the signing of Executive Orders to remove business obstacles. These reforms, coupled with the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms, have created a favorable business environment.

FIRS Reforms

Under Adedeji’s leadership, FIRS has undergone structural changes, shifting to a customer-centric model. Taxpayers are now classified based on turnover, streamlining the tax collection process. The agency has also invested heavily in technology to enhance service delivery and simplify tax compliance for businesses.

Voluntary Compliance and Incentives

Adedeji highlighted the positive impact of granting waivers on interest and penalties, which led to a 75% compliance rate. He stressed the importance of creating a conducive environment for businesses to thrive, as this ultimately benefits the tax collection process.

Multiple Taxation and Future Plans

Addressing concerns about multiple taxation, Adedeji mentioned the ongoing efforts to harmonize taxes, aiming to reduce the number of tax types to single digits. The FIRS is also focusing on data mining and the National Single Window Project to improve transparency and efficiency in tax collection.

Challenges and Optimism

Despite challenges, Adedeji remains optimistic, crediting his capable team and President Tinubu’s leadership for the agency’s progress. He reiterated the importance of taxpayer education and the civic responsibility of paying taxes, highlighting how tax revenues fund crucial infrastructure and security projects.

Looking Ahead

Adedeji encouraged Nigerians to stay hopeful, expressing confidence in the Renewed Hope Agenda. He assured that the current economic challenges are part of laying the foundation for a prosperous future, promising significant improvements in the coming years under President Tinubu’s administration.

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