The Federal Inland Revenue Service (FIRS) has exceeded its revenue target for the first quarter of 2024, drawing praise from analyst who credited the achievement to FIRS Chairman Zacch Adedeji’s approach.
The tax agency reported a collection of N3.94 trillion in the first quarter of 2024, reflecting a 56% increase compared to the same period in 2023.
Adedeji, who took office in September 2023, had promised to implement strategic reforms driven by technology.
His predecessor, Mohammad Nami, achieved a 10.86% tax-to-GDP ratio. In his inaugural address as chairman, Adedeji set a target of 16.5% within three years.
He declared:
Adedeji’s efforts to boost government revenue have not gone unnoticed.
Policy analyst Arabinrin Aderonke has praised the FIRS boss’s vision, describing it as a focused, transparent, efficient, and people-centred tax administration.
She said it has been remarkable financially in a statement made available to TimesNow.com.ng, which assessed the FIRS boss’s 365 days in office.
According to Atoyebi, the push for innovation has also been pivotal to the introduction of nine new modules into the TaxProMax system, automating over 80% of previously manual processes.
Her words:
The policy analyst also pointed out that launching the Anti-Corruption and Transparency Unit (ACTU) in collaboration with the Independent Corrupt Practices Commission (ICPC) underscores his commitment to integrity in tax administration.
Atoyebi stated:
Meanwhile, to lessen the tax burden on enterprises, the federal government recently approved exempting manufacturers, farmers, and small businesses from paying withholding tax.
Important modifications to the previous tax system were also implemented, including lower rates for companies with narrow profit margins and steps to prevent tax cheating.
Taiwo Oyedele, the chairman of the presidential committee on Fiscal Policy and Tax Reforms, made the announcement.
Source: TimesNow.com.ng
