Market News

By Faruk Shuaibu

The Chairman of Federal Inland Revenue Service (FIRS), Zacch Adedeji, has stated that it is seeking to bring more people into its tax net to solve the revenue problem plaguing the country.

 Adedeji, who was speaking at the second annual national dialogue of the NPO Reports in Abuja said the service is not looking to increase the tax payable.

Adedeji who was represented by the Director, Intergovernmental Affairs, Umaru Ahmed Idris, stated that the country is having an infrastructural deficit across all sectors, which needs intervention but the government can’t do that with the current level of revenue streams.

“Now, a lot has been said about whether we need new taxes to generate revenue. As someone once said, and this resonates with the current administration, we don’t need new taxes. We need new taxpayers. Taxpayers who are gainfully employed, who are involved in some kind of business, to be able to pay the taxes. So, we do need new taxes, but this administration knows also that we need new taxpayers. And we’re doing all in our power to ensure that happens.”

The chairman expressed optimism that all critical government revenue generation agencies will surpass their revenue targets before the end of the year.

He decried the level of vandalism of infrastructures in the country, which he said without them there won’t be improvement I. access to basic services, such as clean water, electricity, jobs and businesses.

“In an era marked by economic uncertainty and physical constraints, countries face significant challenges in balancing revenue generation with infrastructural development. Now, effective strategies are vital to sustain economic growth, enhance public services, and improve living standards. Now, this document outlines practical approaches to revenue generation, infrastructural development, and the key principles that should guide such efforts.

“I was at the National Assembly yesterday for the interactive session about customs, NPA and FIRS. All of them have posted successes that we have exceeded our targets. And the signs are good that we will exceed our targets. And you know that the reward for hard work is small work. So I fear that next year we’ll have something even bigger.”

On his part, the chairman of the event, Dr Ismail Adebayo Adewusi, decried low revenue generation in the country, which he said is suffering from the government meeting up with its responsibilities.

Adedeji who was represented by the Director, Intergovernmental Affairs, Umaru Ahmed Idris, stated that the country is having an infrastructural deficit across all sectors, which needs intervention but the government can’t do that with the current level of revenue streams.

“Now, a lot has been said about whether we need new taxes to generate revenue. As someone once said, and this resonates with the current administration, we don’t need new taxes. We need new taxpayers. Taxpayers who are gainfully employed, who are involved in some kind of business, to be able to pay the taxes. So, we do need new taxes, but this administration knows also that we need new taxpayers. And we’re doing all in our power to ensure that happens.”

The chairman expressed optimism that all critical government revenue generation agencies will surpass their revenue targets before the end of the year.

He decried the level of vandalism of infrastructures in the country, which he said without them there won’t be improvement I. access to basic services, such as clean water, electricity, jobs and businesses.

“In an era marked by economic uncertainty and physical constraints, countries face significant challenges in balancing revenue generation with infrastructural development. Now, effective strategies are vital to sustain economic growth, enhance public services, and improve living standards. Now, this document outlines practical approaches to revenue generation, infrastructural development, and the key principles that should guide such efforts.

“I was at the National Assembly yesterday for the interactive session about customs, NPA and FIRS. All of them have posted successes that we have exceeded our targets. And the signs are good that we will exceed our targets. And you know that the reward for hard work is small work. So I fear that next year we’ll have something even bigger.”

On his part, the chairman of the event, Dr Ismail Adebayo Adewusi, decried low revenue generation in the country, which he said is suffering from the government meeting up with its responsibilities.