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Dr. Zaach Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), highlighted the critical factors driving Nigeria’s ongoing tax system reforms, citing the need for increased revenue, improved compliance, and a more equitable economic framework. Speaking in Lagos at a stakeholders’ engagement hosted by the Lagos Chamber of Commerce and Industry, Adedeji emphasized the importance of modernizing Nigeria’s tax system in line with the country’s evolving economic needs.
Represented by Mrs. Oti Olaniyi, Acting Director of the Medium Taxpayers Department – South, Adedeji addressed the theme “Emerging Tax Matters” and outlined recent developments within the FIRS, including organizational restructuring, updated tax policies under the Finance Acts, and the implementation of the Deduction at Source (Withholding) regulations for 2024.
“Nigeria is at a pivotal stage in its economic evolution,” Adedeji remarked. “The reforms to our tax system are essential to increasing revenue generation, enhancing compliance, and promoting more equitable economic practices. These reforms align with the fiscal measures being spearheaded by the Presidential Fiscal Policy and Tax Reforms Committee.”
He further explained that Nigeria’s historical reliance on oil revenues has underscored the urgent need for diversification. The nation’s tax revenue has struggled to meet the demands of its expanding population and growing infrastructure needs, making it vital to adopt a tax system capable of addressing current and future economic challenges.
Adedeji reaffirmed FIRS’ commitment to a customer-centric approach aimed at fostering voluntary compliance and boosting revenue. He stressed that by embracing reforms, leveraging advanced technology, and maintaining transparency, Nigeria can develop a tax system that supports sustainable economic growth and fair development.
“The emerging tax landscape presents both challenges and opportunities,” he noted. “Our goal is to build a tax framework that not only generates revenue but also facilitates long-term, equitable progress for Nigeria.”
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