According to the Federal Inland Revenue Service (FIRS), the goal was to raise the country’s tax percentage of GDP from its present level of 10.86% to 18% by 2026, an increase of 7.14%.
When taking over the agency’s leadership from his predecessor, Muhammad Nami, Zacch Adedeji said this on Monday.
To do this, he declared that he will work in concert with the presidential Fiscal Policy and Tax Reforms committee.
He pointed out that the government has to stop the tax push since it spends more than 96% of its income on debt servicing.
We want to surpass Africa’s average tax-to-GDP ratio of 16.5% and reach an astounding 18% within three years, he declared. We want to do this through lessening our country’s dependency on borrowing and ensuring its financial sustainability.
President Bola Ahmed Tinubu selected Adedeji to lead FIRS on Thursday of last week.