In a recent interview on Channels Television’s Politics Today program, Zach Adedeji, the Special Adviser to President Bola Tinubu on Revenue, revealed the government’s plan to double Nigeria’s total annual revenue in the next three years. Adedeji emphasized that this ambitious goal would be achieved through the deepening of the nation’s revenue collection system, without imposing additional taxes on citizens.
Adedeji acknowledged that Nigeria currently faces a revenue problem, but he assured the public that the government is fully prepared to address this challenge through fiscal discipline and the harmonization of revenue collection agencies. By leveraging data and technology, the government aims to streamline and simplify the collection process, enabling real-time monitoring of all government revenue channels.
“One of the problems we have identified is the existence of multiple taxes and revenue collection agencies, as well as the lack of technology,” stated Adedeji. “These factors hinder our ability to generate the revenue we need.”
To overcome these obstacles, the current administration plans to formulate and implement sound economic policies and laws that foster prosperity for all citizens. Adedeji acknowledged that many of Nigeria’s tax laws are outdated and no longer aligned with current economic realities. To rectify this, the recently established Presidential Committee on Fiscal Policy and Tax Reforms, headed by Taiwo Oyedele, will review existing laws and propose realistic reforms.
“Our fiscal space is currently governed by only two laws—the Finance Management Act of 1958 and the Fiscal Responsibility Act,” explained Adedeji. He further highlighted the need for updated legislation, stating, “The Stamp Duty Law, for example, dates back to 1939 when the internet did not exist.” The committee led by Oyedele aims to develop fresh laws that accurately reflect Nigeria’s current economic landscape.
Adedeji emphasized that the government’s philosophy revolves around taxing prosperity and consumption, rather than poverty and production. He expressed empathy for Nigerians experiencing hardship due to the removal of petrol subsidy. Adedeji assured the public that the initial economic pain and inflation resulting from this decision would be temporary, promising a brighter future under the Tinubu administration.
The Special Adviser also cited the removal of petrol subsidy and the unification of foreign exchange rates as measures that have eliminated distortions in the economy. He confidently predicted that Nigerians would soon witness the benefits of these reforms, which would contribute to shared prosperity across the nation.
As the government sets its sights on doubling Nigeria’s annual revenue, Adedeji’s statements provide insights into the strategy and approach being pursued. By leveraging technology, simplifying the tax system, and implementing realistic economic reforms, the government aims to overcome the revenue challenges currently faced by the country. Citizens are hopeful that these initiatives will lead to improved economic conditions and shared prosperity in the near future under President Bola Tinubu’s leadership.