The Nigerian Senate has granted approval to Mr. Zak Adedeji as the Chairman of the Federal Inland Revenue Service (FIRS). During his screening before the Senate, Adedeji outlined his vision for enhancing the country’s revenue, with a particular focus on addressing information gaps in the oil and gas sector.
Closing Revenue Leakages
Mr. Adedeji expressed a commitment to improving tax collection by addressing revenue leakages. He emphasized that one of the core challenges facing Nigeria is the lack of accurate and comprehensive data. To tackle this, he plans to develop a robust data infrastructure to support informed decision-making.
In particular, Adedeji highlighted the need for accurate data in the oil and gas sector, where much of Nigeria’s revenue is derived. He aims to establish a system that tracks the number of crude oil vessels entering the country and calculates the associated taxes. This data will help identify individuals or entities with significant wealth who may be underreporting their tax contributions.
Centralizing Identification and Data Mining
In addition to data collection, Adedeji pledged to centralize the identification system in Nigeria. This move is expected to enhance the country’s data mining capabilities, providing a more comprehensive and accurate picture of the nation’s economic landscape. Centralized identification can aid in identifying taxpayers, streamlining tax collection, and reducing tax evasion.
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Background on Adedeji’s Appointment
Mr. Zak Adedeji’s confirmation as FIRS Chairman comes more than a month after his appointment by President Bola Tinubu. Prior to this, President Tinubu had directed the former FIRS Chairman, Muhammad Nami, to take a three-month pre-retirement leave. The President subsequently submitted Adedeji’s nomination to the Senate for confirmation.
As Zak Adedeji takes the helm at the FIRS, his commitment to improving data infrastructure and plugging revenue leakages holds the promise of bolstering Nigeria’s financial resources and strengthening its revenue collection mechanisms. His plans to harness data for better tax compliance and enforcement are critical steps in addressing the country’s fiscal challenges if implemented.
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