The federal government has announced intentions to more than double the country’s revenue by 2026.
To achieve this, the government aims to broaden its income collection base, according to Zach Adedeji, Special Adviser to President Bola Tinubu on income.
He, however, stated that it will be done without imposing a tax on Nigerians, according to Naija News.
Adedeji stated on Channels Television’s Politics Today program on Monday that the government would quadruple the country’s total annual revenue, which is currently less than N15 trillion, through strengthening the country’s revenue collecting system rather than imposing additional taxes.
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The presidential adviser stated that the Tinubu-led government is poised to handle the country’s revenue production difficulties through fiscal discipline and harmonisation of revenue channels through the use of technology to observe all government revenue-collecting institutions in real-time.
He submitted that “Today, we collect under N15 trillion 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, and we just want to simplify it into this data and technology and drive the revenue.
“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 confronting our ability to generate what we need.”
Adedeji claimed that the majority of the country’s tax laws are out of date, stating that the present administration will develop and implement strong economic policies and regulations that will lead to prosperity.
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He stated that the newly formed Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, will evaluate existing economic and taxation rules and build realistic legislation based on current economic realities.
He added that “If you look at our fiscal space, it is being governed by only two laws as of today. We have Finance Management Act of 1958 and Fiscal Responsibility Acb&’
“The Stamp Duty Law was given to our by the British in 1939 when there was no internet,” he said, notng that the Oyedele-led committee will come up with fresh laws that reflect current economic realities.”
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