GOVERANCE

FIRS Seeks Senate’s Support For Fiscal Policy, Tax Reforms

 

The Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has called on the Senate to support the fiscal policy and tax reforms initiated by President Bola Tinubu to boost Nigeria’s economic development and social welfare.

Adedeji made this call in his goodwill message at the Retreat on Fiscal Policy and Tax Reforms for Senators in Ikot Ekpene, Akwa Ibom State.

He said that Nigeria’s fiscal policy and tax system were critical for the country’s economic stability, competitiveness, and diversification. He also stressed the need for simplifying the tax laws, enhancing compliance, and broadening the tax base to ensure fairness and equity.

He commended the President for setting up the Presidential Fiscal Policy and Tax Reforms Committee to review and recommend changes that will address the long-standing fiscal challenges facing the country.

He added that the FIRS was fully committed to supporting these reforms and had taken substantial measures to improve tax collection efficiency, reduce tax evasion, and foster a business-friendly environment.

He said, “We, at the FIRS, are fully committed to supporting these reforms. We have taken substantial measures to improve tax collection efficiency, reduce tax evasion, and foster a business-friendly environment. But we need to do more. The support that we receive from the National Assembly has been invaluable, and I am confident that with your continued support, we can achieve even more remarkable results.”

He also urged the senators to explore avenues for diversifying the revenue sources of the country and reducing its over-reliance on oil revenues. He said that diversification would bolster the country’s fiscal resilience and enable the government to better serve the people and address their most pressing needs.

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He said: “In addition to reforms, we must also explore avenues for diversifying our revenue sources. Over-reliance on oil revenues has exposed our economy to volatility, as witnessed in recent years. Diversification of revenue sources will not only bolster our fiscal resilience but also enable the government to better serve the people and address our most pressing needs, especially lifting our people out of poverty.

“As we deliberate on fiscal policy and tax reforms, we must bear in mind the need for social inclusion and poverty reduction. Our incentives must be targeted and rationalised to limit abuse and avoidable leakages while promoting investment and job creation.”

He concluded by expressing his gratitude to the senators for their attention and eagerness to work with the FIRS and the Joint Tax Board towards shaping the fiscal policies and tax reforms that will lead Nigeria to a new era of prosperity.

He said: “I am grateful for your attention and eagerly looking forward to possible areas where the FIRS and the Joint Tax Board can play a role towards shaping the fiscal policies and tax reforms that will lead our country to a new era of prosperity.”

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