Market News

By Peter Moses

The Chairman of the Federal Inland Revenue Service (FIRS), Dr Zaach Adedeji, yesterday explained that Nigeria’s tax system reforms are driven by the need for increased revenue, better compliance, and more equitable economic practices.

Adedeji spoke in Lagos on Wednesday while delivering a keynote address at a stakeholders’ engagement organised by the Lagos Chambers of Commerce and Industry.

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Speaking on the theme “Emerging Tax Matters,” the FIRS Chairman who was represented by the Acting Director, Medium Taxpayers Department – South, Mrs Oti Olaniyi, identified recent organizational restructuring of the FIRS, tax reforms including Finance Acts, Deduction at Source (Withholding) regulations 2024 among other drives.

He said “Nigeria is at a crucial juncture in its economic evolution. Our tax system, a foundational element of economic policy, is undergoing significant reforms. These changes are driven by the need for increased revenue, better compliance, and more equitable economic practices.

“These reforms are essential to meet with emerging tax issues and also commensurate with the fiscal tax reforms being handled by the Presidential Fiscal Policy and Tax Reforms Committee.

“Historically, our tax revenue has not kept pace with the needs of our expanding population and infrastructure demands. Our heavy reliance on oil revenues has highlighted the need for diversification. Thus, modernizing our tax system to address current economic challenges is crucial.”

Adedeji expressed FIRS’ commitment to a customer-centric approach aimed at enhancing voluntary compliance and boosting revenue generation.

“The emerging tax matters in Nigeria present both challenges and opportunities. By embracing reform, leveraging technology, and ensuring transparency, we can develop a tax system that supports sustainable growth and equitable development.”