Government & Politics

President Tinubu’s Administration Unveils Plan to Double Annual Revenue Without Tax Increases

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President Tinubu's Administration Unveils Plan to Double Annual Revenue Without Tax Increases

Special Adviser Zach Adedeji Outlines Strategies for Revenue Growth Through Streamlined Collection and Fiscal Reform

In a recent interview on Channels Television’s Politics Today, Special Adviser to President Bola Tinubu on Revenue, Zach Adedeji, shared an ambitious vision to double Nigeria’s total annual revenue without burdening citizens with additional taxes. With a focus on deepening the nation’s revenue collection system and embracing advanced technology, the government aims to address the country’s revenue challenges and pave the way for sustained economic growth.

Acknowledging that Nigeria faces a revenue problem, Adedeji emphasized the importance of fiscal discipline and the harmonization of revenue channels using cutting-edge technology. By leveraging real-time data and advanced analytics, the government seeks to streamline and simplify the collection process, enabling greater efficiency and accuracy. This approach will help identify and resolve multiple taxation issues while fostering a more conducive environment for revenue generation.

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One critical aspect of this reform agenda is the review of outdated tax laws. Adedeji highlighted that many of Nigeria’s existing tax laws are obsolete and do not align with the current economic landscape. To address this concern, a Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, has been established. The committee’s primary objective is to review and revamp the existing laws, ensuring they are relevant, realistic, and reflective of contemporary economic realities.

Adedeji emphasized that the philosophy of the Tinubu administration is to target prosperity and consumption rather than burdening the people with low income and hampering production with excessive taxes. This approach seeks to strike a balance between revenue generation and sustainable economic growth, fostering an environment that encourages entrepreneurship, investment, and job creation.

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While acknowledging the short-term hardships resulting from the removal of petrol subsidy, Adedeji assured Nigerians that these measures are necessary for long-term economic stability and prosperity. By eliminating distortions in the economy through the removal of subsidies and the unification of foreign exchange rates, the government aims to create a more level playing field, ensuring a fair and transparent market environment. Adedeji expressed optimism that these reforms would bring about shared prosperity for all Nigerians, with the initial economic pain being temporary and paving the way for a brighter future.

As the Tinubu administration lays the groundwork for its revenue growth plan, it underscores its commitment to sound economic policies and laws that promote inclusive development and create an enabling environment for businesses to thrive. By prioritizing technological advancements, fiscal reforms, and the formulation of contemporary tax laws, the government aims to build a sustainable revenue collection system that will double annual revenue while sparing citizens from additional tax burdens. This transformative vision reflects President Tinubu’s commitment to fostering prosperity and shared economic growth for all Nigerians.

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Source: Channels Television

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