Philip Agbese, the deputy spokesman of the House of Representatives, has expressed confidence that Nigerians will appreciate the efforts of the Executive Chairman of the Federal Inland Revenue Service, Zacchaeus Adedeji, in spearheading reforms aimed at revitalizing the nation’s fiscal policy framework.
These reforms are encapsulated in four tax bills currently before the House of Representatives for consideration. Agbese praised Adedeji for his innovative approach to tax administration, which has significantly boosted the country’s revenue.
Key Highlights of the Tax Reforms
– The FIRS collected a record N12.37 trillion in 2023, which was 10.7% higher than its target of N10.7 trillion.
– The FIRS set a revenue target of N19.41 trillion for 2024 and had already collected N18.5 trillion as of the end of September.
– The tax reforms aim to create a progressive taxation system that takes away the burden from poor Nigerians and small companies.
Reactions to the Tax Reforms
The proposed tax bills have sparked tensions between the Federal Government and the 36 state governors, with some governors demanding their withdrawal to allow for more consultations. However, some governors have reportedly softened their stance.
Borno State Governor, Prof. Babagana Zulum, has urged his northern counterparts to reject the bills, warning that their implementation could harm the region’s economy.
Next Steps
Agbese urged Nigerians to support President Bola Tinubu’s tax reform bills, noting that lawmakers prioritize the nation’s collective interest over individual or sectional considerations. The House of Representatives is expected to debate the bills soon, with Agbese expressing confidence that they will be passed into law.
