April 17, 2024 1:02 pm
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Tinubu’s Aide Unveils Impressive Plan to Double Annual Revenue, No Tax Increase Required

The government plans to double Nigeria’s annual revenue of below N15 trillion by improving the nation’s revenue collection system and not by imposing additional taxes, according to Zach Adedeji, the Special Adviser to President Bola Tinubu on Revenue. Adedeji revealed this during an interview on Channels Television’s Politics Today program. He also stated that the Federal Government intends to streamline all revenue-collecting agencies and leverage technology to monitor and enhance revenue collection.

Adedeji acknowledged that Nigeria faces a revenue problem, but the current administration is committed to addressing this challenge through fiscal discipline and the use of technology to oversee all government revenue channels in real-time. He identified issues such as multiple taxes and the lack of technology as hindrances to revenue generation. To combat these issues, the government will develop and implement effective economic policies and legislation that stimulate growth and prosperity for all citizens.

  1. Obsolete Tax Laws
  2. Adedeji highlighted the need to review Nigeria’s tax laws, stating that many of them are outdated. He mentioned the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, which will assess existing economic and taxation laws and propose realistic reforms to align with current economic conditions. Adedeji emphasized the importance of updating laws to reflect contemporary realities, as some laws in place, such as the Stamp Duty Law from 1939, do not reflect the digital age.

  3. Philosophy of Taxation
  4. Adedeji clarified that the government aims to tax prosperity and consumption, rather than burdening the poor and hindering production. He expressed empathy for Nigerians experiencing hardship due to the removal of petrol subsidy but assured them that these difficulties would be temporary. Adedeji also mentioned that the removal of petrol subsidy and the unification of foreign exchange rates would rectify distortions in the economy, leading to shared prosperity for all Nigerians. He predicted that citizens would soon begin to experience positive changes under the Tinubu administration.

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