The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed fears that the proposed tax bills before the National Assembly would threaten the existence of government agencies or jobs.
Adedeji gave this assurance while hosting the CEOs of the National Agency for Science and Engineering Infrastructure (NASENI), National Information Technology Development Agency (NITDA), and Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja.
Adedeji commended the agencies for seeking clarification on the bills, emphasizing that the changes would enhance efficiency and seamless operations.
He stated that there’s nothing in the bills that will reduce the agencies’ funding, effectiveness, or efficiency. The provisions aim to lay a solid foundation for their sustainability.
The FIRS chairman explained that the Federal Government is repositioning its fiscal outlook to meet funding requirements.
The main objective is to enhance tax efficiency and ease compliance levels. The bills will allow agencies to focus on their functions rather than revenue collection.
Adedeji addressed concerns about the proposed name change from FIRS to Nigeria Revenue Service (NRS), saying it would not lead to the tax agency subsuming other federal agencies.
He emphasized that President Bola Tinubu’s administration aims to harmonize scattered laws to stimulate economic activities and make Nigeria a preferred investment destination.
The agency heads took turns to explain their mandates and contributions to national development.
NITDA, for instance, has been working to regulate Nigeria’s digital economy, ensuring a safer and more improved environment for innovation.
Similarly, NASENI and TETFUND have been contributing to the country’s scientific and educational growth.
Key takeaways from the meeting include the fact that the tax bills do not threaten the existence of government agencies or jobs. The changes aim to enhance efficiency and seamless operations.
The Federal Government is repositioning its fiscal outlook to meet funding requirements, and the bills will allow agencies to focus on their functions rather than revenue collection.
According to the World Bank, Nigeria’s economic growth is projected to remain below that of most other oil-exporting economies.
However, with sustained policy reforms, Nigeria’s GDP may grow marginally by 3.1% in 2024 .
The growth projection is driven by ongoing reforms, recovering oil production, and a recovering services sector.
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