Tax reforms will drive economic growth, says Reps Deputy spokesman

November 30, 2024

By Samuel Ogunsona

The deputy spokesman of the House of Representatives, Philip Agbese, has expressed confidence that Nigerians will soon appreciate the efforts of the Executive Chairman of the Federal Inland Revenue Service, Zacchaeus Adedeji, in spearheading reforms aimed at revitalizing the nation’s fiscal policy framework.

According to Agbese, these reforms are encapsulated in four tax bills currently before the House of Representatives for consideration.

“What FIRS has done in the past few years is commendable. Under the stewardship of Mr. Adedeji, the agency has been surpassing its revenue target. Do not forget that the FIRS collected a record N12.37 trillion in 2023, which was 10.7 per cent higher than its target of N10.7 trillion,” he said.

Agbese emphasized that Adedeji’s leadership would soon be widely appreciated, especially once the tax bills are passed and the Federal Government can channel increased revenue into critical infrastructure projects.

“Nigerians will appreciate this man very soon because when these bills are passed and the Federal Government has more money to spend, critical infrastructure will be developed. Jobs will be created, and to a great extent, poverty will be reduced.”

The proposed tax bills have sparked tensions between the Federal Government and the 36 state governors, with the latter demanding their withdrawal to allow for more consultations.

Despite some governors reportedly softening their stance, Borno State Governor, Prof. Babagana Zulum, has urged his northern counterparts to reject the bills, warning that their implementation could harm the region’s economy.

Agbese urged Nigerians to support President Bola Tinubu’s tax reform bills, noting that lawmakers prioritize the nation’s collective interest over individual or sectional considerations.

“We hope to debate these bills on Tuesday and expect robust deliberation that will ultimately lead to their passage. Most of our colleagues have read the bills, and as a result, they are now shifting grounds. Those initially opposed to the bills are now advocating for their speedy consideration and passage.”

He also commended President Tinubu for steering the country towards a progressive taxation system.

“Nigeria is going the way of progressive taxation. What this means is that if implemented, we will have a new tax regime that takes away the burden from poor Nigerians and small companies. It is a new thinking that will do us good,” he stated.