….As revenue service generates N8.5trn in 9 months
The newly appointed Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch, Adedeji, has restated the determination of the President Bola Tinubu-led administration to exponentially shore up Nigeria’s revenue generation to minimize borrowing and improve the nation’s fiscal system for the country’s sustainable development.
The new appointee made the promise during the handover ceremony held at the Revenue House, Abuja on Monday when he formally took over from the Muhammad Nami, the immediate past Chairman of the revenue agency.
While commending the Nami-led leadership of the Service for its remarkable achievements in terms of transformation of the tax administration system, Adedeji pointed out that he strongly believed in the wisdom encapsulated in the statement that ”revenue growth is the lifeblood of a nation’s economy, providing the means to fulfil essential duties to its citizens.”
According to him, the statement captures the core principle that will guide us as we navigate the challenging terrain ahead, ensuring that our nation thrives and fulfils its obligations to its citizens.
He lamented that currently that Nigeria was facing a pressing revenue crisis, with a staggering 96% of government revenue being comitted into servicing our debts, noting that this stark reality necessitates swift and resolute action on the part of government as it cannot afford to delay in order to decisively to reverse the ugly fiscal trend.
He maintained that in the revenue agency’s strive for a brighter fiscal future, the management would be committed to placing innovation, technology, and fresh ideas at the forefront of its operations, adding that this strategic focus will empower the new leadership to enhance efficiency, fortify against revenue leaks, and bolster coordination and accountability within our organization.
The FIRS boss clarified: “Our overarching goal is to nurture voluntary tax compliance by establishing a modern, dependable tax system that gains the trust and admiration of all stakeholders. Through this, we hope to Create an environment where taxpayers willingly fulfil their civic duties.
“For those who deviate from their tax obligations, rest assured, we will enforce our responsibilities judiciously. We will implement a robust enforcement model that effectively defers tax evaders while maintaining fairness and transparency in our processes.
“A fundamental aspect of our mission is to elucidate to taxpayers why their civic duty matters. We are committed to simplifying our tax system, making it accessible and comprehensible, thereby facilitating voluntary tax payments and fostering a sense of civic responsibility.
“Quality data will be the cornerstone of our operations, enabling us to measure our progress, make informed decisions, and maintain the highest standards of accountability. We recognise that data-driven strategies are essential to our success”, he added.
Adedeji disclosed further that the FIRS aspiration during his tenure would be to surpass Africa’s average tax-to-GDP ratio of 16.5% and achieve an impressive 18% within three years and that by doing so, the management aimed to reduce our nation’s reliance on borrowing and ensure financial sustainability.
To achieve the laudable goal, he explained that the principles of integrity, confidentiality, professionalism, and fairness would be non-negotiable in the revenue agency’s service to the nation, adding that upholding these values will guide the management’s actions and interactions as it begin to tirelessly work to fulfil its mandate.
The new Executive Chairman of the FIRS assured the management’s unwavering commitment to the welfare of our staff and that there would be reward for our hard work and dedication.
Earlier, the outgoing FIRS boss recalled the achievements recorded during his tenure from 2019 to this year and disclosed that between January 1 and September 14 this year, the Service generated the sum of N8.5 trillion into the Federation Account.
According to him, the FIRS has been able to improve the government’s revenue such that over 70% of the funds being shared to the tiers of government during the monthly Federation Account Allocation Committee’s (FAAC’s) meetings derive from tax collection.
