Nigeria needs law to overhaul revenue collection, regulate cryptocurrency – Zacch Adedeji

November 29, 2024

By Samuel Ogunsona

Nigeria’s Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji, has stressed the need for a law to overhaul the country’s revenue collection system and regulate its cryptocurrency landscape.

According to Adedeji, Nigeria requires a deeper understanding of government policies, particularly in revenue collection and cryptocurrency regulation.

He emphasized that the government is working to put Nigeria on the global map, with policies designed to benefit citizens.

Adedeji also addressed the issue of borrowing, stating that it’s not just about borrowing money, but using funds wisely to improve Nigeria’s future.

He believes every loan is an investment in infrastructure and reforms that benefit citizens.

The FIRS chairman’s call for public support comes as the Government implements policies to transform the economy.

“With President Tinubu’s leadership and sound policies, Nigeria has the potential to thrive and build a brighter future.” He noted.

In a related development, the Senate has begun debating Tax Reform Bills aimed at simplifying the tax landscape, reducing burdens on small businesses, and streamlining tax collection.

The bills propose a new sharing formula for Value Added Tax (VAT) revenue.