The Minister of Finance and Coordinating Minister of the Economy has charged the Federal Inland Revenue Service (FIRS) to deploy the needed technology in driving tax revenue and meet the 18% tax to GDP target in the shortest possible time.
The minister made the disclosure Wednesday in Abuja at the management retreat of the Service with the theme “Re-imagining Tax Administration for Equity and Economic Growth.”
According to him, “Our tax to GDP target is 18 per cent from the current 10.8 per cent and the FIRS is a strategic agency that has been mandated by the federal government to achieve that.
“If you see the 2024 budget, revenue target has been increased and the Service has a target of about N19 trillion this financial year, the only way to achieve that is to restrategise and deploy technology to ensure that our tax revenues are increased for economic growth,” the minister further explained.
Earlier in his remarks, the Executive Chairman of the FIRS, Dr. Zacch Adedeji said the new operational structure that is being established at the FIRS will eliminate confusion and redundancy in tax administration in Nigeria.
The FIRS boss said the event marks a historic moment as the Service unveils the new FIRS organisational structure, a critical milestone in its commitment to revolutionise tax administration in Nigeria.
He noted that “The Service collected N12.3 trillion revenue in 2023, as the new target for the year is N19.4 trillion, which is why the establishment of a customer-centric organisational structure designed to streamline processes and enhance efficiency in the FIRS tax operations will be set up.”
He added that the forthcoming structure, set to kick off from February 2024, will be targeted at digitising the tax administration landscape in Nigeria.