Tax reforms key to strengthening Nigeria's finances

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has stated that President Bola Tinubu’s bold tax reform initiatives are the key pillars of Nigeria’s strategy to strengthen its economic resilience.

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Mr Adedeji revealed this on Friday, during the maiden ‘Distinguished Lecture Series’ of the University of Ilesa, Osun State.

While addressing the academics, policymakers, students, and industry leaders at the event hosted by the institution’s Vice Chancellor, Taiwo Asaolu, the FIRS boss argued that Nigeria’s revenue challenges are not a crisis, but an opportunity to implement urgent reforms under the leadership of Mr Tinubu.

In his lecture, titled ‘Economic Resilience in an Era of Dwindling Revenue’, the financial expert highlighted the global pressures on public finances, including digital disruption, rising debt, climate challenges, and overlapping economic shocks.

Mr Adedeji argued that Nigeria’s path forward must combine stronger institutions, diversified revenue streams and modern tax framework.

He further outlined four pillars for building a resilient economy, notably fiscal flexibility, policy coherence, institutional strength, and human capital adaptability.

The FIRS executive chairman emphasised that growing non-oil revenue, deepening tax reforms, and strategic investment in skills development are crucial to keeping pace with global economic trends.

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FIRS reforms

He also provided insight into President Tinubu’s renewed hope agenda in the area of the ongoing FIRS reforms, including automation of tax processes, expansion of TaxPro Max, improved taxpayer identification, and partnerships with state governments to reduce fragmentation.

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According to him, these measures are designed to enhance efficiency, transparency, and compliance.

Mr Adedeji also urged Nigerian universities to engage actively in the country’s national economic strategy, advocating collaboration with the government to develop evidence-based models for digital taxation, revenue mobilisation, and economic diversification.

He described higher institutions as potential engines of innovation capable of supporting policy development and national competitiveness.