The Federal Government has revealed plans to double the nation’s revenue by 2026.
According to the Special Adviser to President Bola Tinubu on Revenue, Zach Adedeji the government intends to deepen its revenue collection base to achieve that.
He, however, said it would be done without the imposition of tax on Nigerians, learned.
Adedeji, while featuring on Channels Television’s Politics Today program on Monday, explained that government would double the country’s total annual revenue, which is currently below N15 trillion, by deepening the nation’s revenue collection system and not by imposing extra taxes.
The presidential aide noted that the Tinubu-led government is prepared to address revenue generation challenges in the country through fiscal discipline and harmonization of revenue channels using technology to view all government revenue-collecting agencies in real time.
He submitted that “Today, we collect under N15 trillion as the total annual revenue, but our plan between now and the next three years is to double that revenue without increasing taxes and without bringing additional taxes,” he said. “We just want to deepen our collection system, and we just want to simplify it into this data and technology and drive the revenue.
“We’ve identified multiple taxes as one of the problems. Multiple generation and collection agencies, lack of technology, all these we’ve identified as major problems confronting our ability to generate what we need.”
Adedeji asserted that most of the country’s tax laws are obsolete, noting that the current administration will formulate and implement sound economic policies and regulations that will lead to prosperity.
He said that the recently established Presidential Committee on Fiscal Policy and Tax Reforms chaired by Taiwo Oyedele will review the existing rules on economy and taxation and develop realistic laws following current economic realities.
He added that “If you look at our fiscal space, it is being governed by only two laws as of today. We have the Finance Management Act of 1958 and Fiscal Responsibility Acb&’
“The Stamp Duty Law was given to us by the British in 1939 when there was no internet,” he said, noting that the Oyedele-led committee will come up with fresh laws that reflect current economic realities.”