The Federal Government of Nigeria is committed to achieving its goal of raising the tax-to-gross Domestic Product (GDP) ratio to 18% within the next three years.
This initiative, aimed at bolstering revenue, will be realized through the strict enforcement of existing tax laws by ensuring compliance across every sector of the economy rather than introducing new taxes.
Addressing concerns surrounding potential additional tax burdens, Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), said tax is very important to an economy as it is the lifeblood of any economy.
He assured that the targeted revenue would be generated by reinforcing adherence to current tax laws.
Speaking at the Commerce and Industry Correspondents Association of Nigeria (CICAN) Annual Workshop/Awards, themed “Effects of Federal Tax Reform on Economy,” Adedeji, represented by FIRS Director/Coordinator for Lagos Island, Mrs. Fadekemi Oyeniyi, highlighted the role of taxation in providing essential funding for government functions, enabling the implementation of policies conducive to growth and development.
Adedeji reiterated the government’s commitment to effective, fair, and investment-friendly tax policies, recognizing the necessity for ongoing tax reforms to address business challenges and create an environment conducive to economic growth.
