In a bid to enhance tax revenue collection across all levels of the Nigerian government, Chairman of the Joint Tax Board (JTB) and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, stressed the necessity of implementing hard but crucial reforms that promise long-term benefits. Speaking at the 153rd Meeting of the Board in Abuja, the event focused on the theme “Harmonization and Codification of Taxes at the National and Sub-national Levels: Key to Achieving a Tax-Friendly Environment in Nigeria.”
Mr. Nami underscored the importance of persistent exploration and adoption of measures and innovative initiatives to optimize tax revenue, thus fueling progress for various levels of governance. He highlighted the role of taxation in funding government activities and emphasized the need to make efficient, effective, inclusive, and sustainable strides in this realm.
Acknowledging the present administration’s tax policy direction, Nami assured attendees that Nigeria was committed to eliminating multiple taxes, a crucial step towards economic revitalization. He emphasized the significance of this approach in achieving the nation’s vast economic potential.
During the meeting, Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy & Tax Reforms Committee, presented on the theme, discussing the negative effects of multiple taxation. He noted that such practices lead to low tax morale, hamper investments, promote corruption, and complicate business operations.
Oyedele emphasized that the solution to Nigeria’s revenue challenges is not the introduction of more taxes but rather focusing on high-yield taxes to collect a greater sum. He advocated for a consolidation of tax collection functions under a single revenue agency, increased funding for tax agencies, simplified tax compliance, technological advancements, constitutional and tax law reviews, and a revisit of Nigeria’s fiscal federalism concept.
The event highlighted the urgency of comprehensive tax reforms to drive economic growth, attract investments, and ensure a conducive tax environment in Nigeria.
