FIRS Considers An 18% Tax To GDP Ratio By 2026

According to the Federal Inland Revenue Service (FIRS), the goal was to raise the country's tax share of GDP from its present level of 10.86% to 18.0% by 2026.

When taking over the agency's leadership from his predecessor, Muhammad Nami, Zacch Adedeji said this on Monday.

To do this, he declared that he will work in concert with the presidential Fiscal Policy and Tax Reforms committee.

He pointed out that the country needs to stop the tax push because it spends more than 96% of its income on debt servicing.

Our bold goal, he declared, is to surpass Africa's average tax-to-GDP ratio of 16.5% and reach an astounding 18% within three years. We hope to do this through lessening our country's dependency on borrowing and ensuring its financial sustainability.

President Bola Ahmed Tinubu selected Adedeji to lead FIRS on Thursday of last week.