By 
The Federal Government of Nigeria is preparing an executive bill aimed at overhauling the country’s revenue administration, harmonizing revenue collection, and introducing regulations for the cryptocurrency industry.
This initiative was announced by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), during a stakeholders’ engagement held in Lagos with the Joint Committee of the National Assembly on Finance. Adedeji revealed that the bill is currently being drafted and will soon be presented to the National Assembly.
Adedeji highlighted that the bill’s primary objectives are to simplify tax laws, streamline revenue collection processes, and replace outdated tax regulations with laws that reflect the current economic landscape.
“We are working on a bill that will comprehensively reform revenue administration in Nigeria. Our goal is to harmonize revenue collection, simplify tax laws, and ensure they are aligned with modern realities,” Adedeji stated. “For instance, the Stamp Duty Act, which was enacted in 1939, is outdated. At that time, there was no Internet, and many of the structures we have today, such as states and local governments, did not exist.”
He emphasized the need to update these laws to reflect the present-day economic environment, noting that this reform is a key reason why President Bola Tinubu established the Taiwo Oyedele-led Fiscal Policy and Tax Reform Committee. The committee’s mandate is to review all relevant laws and provide recommendations for necessary updates.
Adedeji also addressed the growing importance of the cryptocurrency sector, acknowledging its significance in the global economy. “Cryptocurrency is an emerging trend that cannot be ignored. However, Nigeria currently lacks a legal framework to regulate cryptocurrency operations. We need to develop a law that regulates this sector in a way that supports Nigeria’s economic development,” he explained.
Regarding the Federal Government’s revenue target for 2024, Adedeji expressed confidence that FIRS is on track to meet its ambitious goal of N19.4 trillion. “We set a target of N19.4 trillion for ourselves. As we enter the third quarter of the year, the data indicates that we are on course to achieve this target,” he affirmed.
Senator Sani Musa, Chairman of the Senate Committee on Finance, commended FIRS for organizing the stakeholders’ meeting. He underscored the importance of FIRS as the primary agency for tax regulation and collection in Nigeria, noting that the National Single Window programme would help address inefficiencies in the system.
“By working together, we can ensure that FIRS is fully equipped to maximize revenue collection and provide the necessary resources for national development and public welfare,” Musa stated.
James Faleke, Chairman of the House of Representatives Committee on Finance, represented by Kalejaiye Paul, also praised Adedeji’s leadership at FIRS, acknowledging the agency’s efforts in driving financial reforms.
Comments