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Reading: Tinubu’s aide explains how the FG would double annual revenue without raising taxes
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Tinubu’s aide explains how the FG would double annual revenue without raising taxes

Ehabahe Lawani
Ehabahe Lawani 6 Views

The government’s taxing policy, according to the President’s revenue chief, is to tax affluence and consumption rather than poverty and production.

Zach Adedeji, President Bola Tinubu’s Special Adviser on Revenue, claims that instead of raising taxes, the government will deepen the country’s revenue collecting system in order to quadruple the country’s present yearly total income of less than N15 trillion.

On Monday’s Politics Today program on Channels Television, Adedeji announced this and added that the Federal Government would synchronize all tax collection organizations.

“Today, we generate less than N15 trillion in annual revenue, but over the next three years, we plan to double that amount without raising taxes or enacting new taxes,” he added. “We just want to deepen our collection system, we just want to simplify it into this technology and data and drive the revenue.”

Nigeria has a revenue problem, according to the President’s revenue chief, but the current administration is ready to address the issue through fiscal restraint and the harmonisation of revenue channels using technology to observe all government income-collecting institutions in realtime.

“One of the issues is numerous taxes, which we’ve found. We’ve identified many generation and collecting agencies, a lack of technology, and other issues as key roadblocks to our capacity to provide what we need,” he stated.

According to Adedeji, the current administration will create and put into effect sensible economic laws and policies that would result in prosperity for all.

The majority of the nation’s tax laws, according to him, are out of date. He added that the recently formed Presidential Committee on Fiscal Policy and Tax Reforms, which is chaired by Taiwo Oyedele, will review the current laws on economy and taxation and develop practical laws that are in line with the current state of the economy.

“As of right now, there are just two laws that control our financial system. We have the Fiscal Responsibility Act and the Finance Management Act of 1958,” said Adedeji.

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He said that the Stamp Duty Law was provided to us by the British in 1939, a time before the internet, and that the Oyedele-led committee will draft new regulations that take into account the current state of the economy.

The government’s taxing policy, according to the President’s revenue chief, is to tax affluence and consumption rather than poverty and production.

He felt sorry for Nigerians who were suffering because of the end of the gasoline subsidy. The President’s adviser assured the populace that they will soon begin to smile under the Tinubu administration, saying that the first economic pain and inflation they are currently experiencing are only temporary.

The “distortion we have in our economy” has been eliminated, he added, by eliminating the petrol subsidy and unifying foreign exchange rates. He predicted that Nigerians would soon start to experience the “windfall that I know will bring shared prosperity for all Nigerians.”

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