Zach Adedeji, Special Adviser to President Bola Tinubu on Revenue, believes the government would double the country’s total annual revenue, which is currently less than ₦15 trillion, by strengthening the nation’s revenue collecting system rather than imposing additional taxes.
Adedeji, who stated this on Channels Television on Monday, also stated that the Federal Government will harmonise all revenue-collection agencies.
“Today, we collect under N15trn as the total annual revenue but our plan between now and the next three years is to double that revenue without increasing taxes and without bringing additional taxes,” he said.
“We just want to deepen our collection system, we just want to simplify it into this data and technology and drive the revenue.”
Nigeria according to Adedeji has a revenue problem, but the current administration is prepared to address it through fiscal discipline and the harmonisation of revenue channels using technology that allows all government revenue-collecting institutions to be viewed in realtime.
“We’ve identified multiple taxes as one of the problems. Multiple generation and collection agencies, lack of technology, all these we’ve identified as major problems that confront our ability to generate what we need,” he said.
Adedeji stated that the present administration will develop and implement strong economic policies and laws that will benefit all citizens.
He stated that the majority of the country’s tax laws are out of date, noting that the recently formed Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, will review the existing laws on economy and taxation and propose realistic laws that are in line with current economic realities.
“As of today, our fiscal space is governed by only two laws.” Adedeji added, “We have the Finance Management Act of 1958 and the Fiscal Responsibility Act.”
“The British gave us the Stamp Duty Law in 1939 when there was no internet,” he added, adding that the Oyedele-led group will draft new legislation that reflect modern economic realities.
According to the President’s revenue chief, the government’s ideology is to tax wealth and consumption rather than poverty and production.
