Zach Adedeji: Tinubu wants to tax success, not poverty in Nigeria.

Zach Adedeji: Tinubu wants to tax success, not poverty in Nigeria.

Zach Adedeji, Special Adviser to the President on Revenue, said President Bola Tinubu wants to tax wealth, not poverty, to expand Nigeria.

"Tinubu's revenue vision is not just tax," he remarked. He thinks revenue management and collection effectiveness comes from three places: economic policy - His goal is to tax prosperity, not poverty, and consumption, not creation.Tinubu withdrew the subsidies and the CBN's exchange rate unification, which hindered our economic growth. That establishes our direction.The second is rebuilding citizen confidence by letting them know how the government plans to spend their money.
The third is effective tax administration, which generates money. Run with that tripod. "We plan to generate more than enough to run our government," he stated.

 

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Adedeji claimed the administration will quadruple yearly income without raising taxes.
He said the government will increase the country's yearly revenue, now below N15trn, through expanding its revenue collecting system, not by raising taxes.
He said Nigeria has a revenue problem but the present administration is prepared to address it through fiscal discipline and harmonisation of revenue channels utilizing technology to observe all government income-collecting institutions in real time.
“The law makes revenue collection clear. In Section 162 of the Nigerian Constitution, all government money must flow into the Federation Account, he added.

 

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Harmonisation means integrating all collecting agencies so we can track NIMASA, NPA, NCC, Customs, Federal Inland Revenue (Service), and others on one platform.Technology will let us know everything in real time.”
Adedeji said the Tinubu government will not dismantle revenue-generating agencies like the Nigerian National Petroleum Company (NNPC) Limited, the Federal Inland Revenue Service (FIRS), NIMASA, and the Nigeria Customs Service.
The present administration will employ technology to combine all revenue-collecting agencies to analyze income in real time and eliminate "government within government."
Adedeji added that Tinubu has authorized the harmonisation of all revenue-collecting agencies.
We're OK. NNPC will remain NNPC because it is restricted, Federal Inland Revenue (Service) will be, but all revenue collection will be data-driven.Because there is no genuine legislation that specifies what they should do, government inside government appears.

 

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He said that the elimination of petrol subsidies and harmonization of foreign exchange rates had eliminated the "distortion we have in our economy."
The Tinubu revenue chief said Nigerians will soon see the “windfall which I know will bring shared prosperity for all Nigerians.”


Chris Eberechi

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