Presidential Tax Committee Gives Fresh Update on Revenue Collection

• Presidential Committee on Tax Policy and Fiscal Reforms has issued a new update about revenue collection in the country
• The chairman of the committee, Taiwo Oyedele, said the Nigeria Customs Service and 62 other ministries, departments and agencies should stop collecting revenue
• Oyedele insists that the Federal Inland Revenue Service was established for revenue collection

FCT, Abuja - The Nigeria Customs Service and 62 other ministries, departments and agencies (MDAs) should stop direct collection of revenue from Nigerians

The chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, who stated this, added that the Federal Inland Revenue Service (FIRS) is set up to collect revenue for the MDA.

Oyedele stated this while speaking on Channels Television’s Sunrise Daily breakfast programme on Wednesday, August 9.

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He noted that Nigeria’s cost of tax collection is high, yet the country has the lowest revenue collection from taxes in the world.

The chairman also disclosed that in the 2023 budget, 63 MDAs were given revenue targets, which was a massive distraction because they were not established to collect revenue.

“So, move those revenue collection functions to the FIRS. It has two advantages: the cost of collection and efficiency will improve, these guys will focus on their work, and the economy will benefit as a result.

Explaining the reason for that, he said:

“If you are Customs, focus on trade facilitation, border protection and if you are NCC (Nigerian Communications Commission (NCC), just regulate telecommunications. You are not set up to collect revenue.

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“It can be your revenue and someone else can collect it for you. There will be more transparency because you see what is being collected and is accounted for properly. It is also a way of holding ourselves to account as to how we spend the money we collect from the people.”

President Tinubu inaugurates new committee, details emerge

Earlier, Legit.ng reported that the presidential committee on fiscal policy and tax reforms has been inaugurated.

President Bola Ahmed Tinubu inaugurated the committee and hinted at what was expected of them.

The inauguration ceremony was held at the State House in Abuja on Tuesday, August 8.

President Tinubu speaks on borrowing, debt servicing

President Bola Tinubu has vowed to break Nigeria's over-reliance on borrowing for public spending. He promised to end the resulting burden of debt servicing it places on managing Nigeria’s limited government revenue.

The president made the commitment at the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms at the presidential villa in Abuja on Tuesday, August 8.

Source: Legit.ng