FIRS Chairman Stresses Vital Role of Fiscal Policy in Nigeria’s Economic Stability
The Acting Chairman of the Federal Inland Revenue Service (FIRS) emphasised that Nigeria’s economic stability hinges on the nation’s fiscal policy.
He made these remarks during a retreat on tax reforms and fiscal policy organised by the Senate and NILDS in Ikot Ekpene, Akwa Ibom State.
In his role as the Acting Chairman of FIRS, Mr. Adedeji stressed the significant role of sound fiscal policies and well-considered tax reforms in the country.
He highlighted Nigeria’s vast potential and abundant resources, emphasising that these assets could significantly contribute to economic development.
Adedeji also pointed out the need to address challenges and opportunities presented by fiscal policies and tax systems.
He explained that fiscal policy plays a crucial role in resource collection, management, and allocation for public welfare, including infrastructure, healthcare, education, and social services.
The FIRS Acting Chairman stressed the importance of having a competitive economic environment for domestic and foreign investors. He noted that tax reforms play an integral role in shaping a robust fiscal policy.
Mr. Adedeji outlined key steps for improving the country’s tax system and revenue base. These include simplifying tax laws, enhancing compliance, broadening the tax base for fairness and equity, and exploring diversified revenue sources.
He commended President Bola Tinubu for establishing the Presidential Fiscal Policy and Tax Reforms Committee, pledging FIRS’s full commitment to supporting these reforms.
Additionally, Adedeji emphasised the need for social inclusion and poverty reduction and rationalised incentives to promote investment and job creation.
He concluded by expressing hope that through collaboration, diligence, and innovative thinking, a brighter, more prosperous future can be forged for Nigeria.
Zaccheus Adedeji, a chartered accountant who previously served as President Tinubu’s special adviser on revenue, is now acting as the FIRS Chairman.
Source: Premium Times
