Edun, Adedeji harp on domestic revenue mobilisation, say 77% IGR increase possible
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji have harped on the relevance of domestic revenue mobilization to address the country’s fiscal challenges.
Speaking on Wednesday at the FIRS Strategic Management Retreat in Abuja, both Edun and Adedeji emphasised on the task of increasing the country’s Internally Generated Revenue (IGR) noting that an increase is possible and achievable.
Edun disclosed that the Federal Government is targeting a 77 percent increase in IGR.
According to Edun, tax plays an integral role in the government’s quest to boost revenue that will help bridge infrastructure deficit, and build social safety nets that will cater to ordinary Nigerians.
He commended the management of the FIRS for its commitment towards meeting its set revenue target.
“It is commendable that the FIRS is holding this retreat at the beginning of the year to rub minds on how to increase government revenue.
“We are projecting a 77 percent increase in IGR. Our revenue as a percentage of Gross Domestic Product (GDP) is low at below 10 percent. It should be much higher.
“Government needs to spend so much on infrastructure and social services. The idea is to shift from expensive debts to domestic revenue mobilisation,” he said.
Delivering his remarks at the retreat, Adedeji reiterated that FIRS is already a formidable force noting that it can indeed meet and exceed our targets.
“This is not just a restructuring; it is a catalyst for a monumental leap forward, a collective investment in our shared future, and an unyielding commitment to excellence in tax administration.
“In conclusion, the forthcoming structure is not just a set of reforms; it is a commitment to redefine FIRS’s role in shaping a modern, efficient, and customer-focused tax administration system.
“Through innovative organisational restructuring and process optimisation, FIRS is committed to fostering a taxpayer-friendly environment that aligns with global best practices and positions Nigeria as a leader in contemporary tax administration.
“As we unveil this new chapter in the history of FIRS, I urge all of you to embrace change, to be pioneers in this transformative journey, and to envision the future we are collectively building. Together, we will redefine excellence in tax administration, setting new standards and inspiring others to follow,” he said.
