The National Assembly has pledged to support the Federal Inland Revenue Service (FIRS) by updating obsolete tax laws and introducing new legislation to align with contemporary and global standards.
This initiative aims to enhance Nigeria’s tax collection and revenue generation capabilities.
Th Chairman of the Senate Committee on Finance,
Sen. Muhammed Musa, highlighted the necessity of modernizing tax laws, including those predating Nigeria’s independence. He emphasized that this reform will address emerging issues such as cryptocurrency regulation, which currently lacks legal framework in Nigeria.
Musa assured that the Executive would present a bill for amending and repealing outdated laws when the National Assembly reconvenes after its recess. The updated legislation will seek to improve transparency, accountability, and efficiency in tax administration.
FIRS Executive Chairman, Dr. Zacch Adedeji, confirmed that the Federal Government plans to overhaul tax laws by September. This reform will simplify and harmonize tax regulations and support President Bola Tinubu’s economic strategies. Adedeji stressed the importance of regulating cryptocurrencies to prevent potential economic harm, reflecting practices in other countries.
The FIRS has made notable progress under Adedeji’s leadership, enhancing tax compliance and administration. The agency is on track to meet its N19.4 trillion revenue target for the year, demonstrating its commitment to effective revenue management and national development.
Both the National Assembly and the FIRS are working together to ensure that Nigeria’s tax system evolves to meet modern economic challenges and supports sustainable development.
