The Acting Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji is targeting a tax-to-GDP ratio of 18% within the next three years.
He made this commitment on Monday when he officially took over from his predecessor Muhammad Nami.“By doing so, we aim to reduce our nation’s reliance on borrowing and ensure financial sustainability,” he said at the event in Abuja, the nation’s capital.
The goal is to surpass Africa’s average tax-to-GDP ratio of 16.5% which he believes would reduce the country’s reliance on borrowing and ensure financial sustainability.
Nigeria ranks as one of the lowest tax earners globally with a tax-to-GDP of 10.8%.
In addition, the FIRS boss promised to go after tax defaulters as the country pushes for more revenue for the government.