The Federal Inland Revenue Service (FIRS) is gearing up to introduce an Executive Bill to the National Assembly, aiming to overhaul Nigeria’s revenue system and regulate the cryptocurrency sector.
Zacch Adedeji, chairman, FIRS revealed this plan during a stakeholders’ engagement with the National Assembly’s joint committee on Finance in Lagos.
In a statement from Dare Adekanmbi, special adviser on Media to Adedeji, the FIRS Chairman outlined the key aspects of the upcoming Executive Bill. “The aim of the bill is to simplify our tax laws, harmonise revenue collection, and replace outdated regulations with new ones that align with our current economic environment,” Adedeji said.
Speaking further, Adedeji highlighted the need for modernising outdated tax laws. “For instance, the Stamp Duty Act was established in 1939, a time before the internet and modern technology. We need to update this law to reflect our current realities,” he said.
The bill will also address the unregulated cryptocurrency sector. “Cryptocurrency is an integral part of today’s economy, yet Nigeria lacks a legal framework for its operations. We need to introduce regulations that support economic growth while protecting our financial system,” Adedeji said.
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Furthermore, the Chairman expressed optimism on meeting the FIRS’s revenue target of ₦19.4 trillion for 2024. “We set an ambitious target for ourselves, and as we approach the third quarter of the year, we are on track to meet it based on current figures,” he stated.
Also, at the event, Sani Musa, Chairman of the Senate Committee on Finance, commended the FIRS for organising the stakeholder engagement. “This meeting provides an opportunity for us to understand the challenges and successes of FIRS and to work together on strategies for the future,” Musa said. “It’s crucial that FIRS is well-equipped to maximize revenue collection and contribute to national development.”
Similarly, James Faleke, member of the Federal House of Representative representing Ikeja Federal Constituency, lauded Adedeji’s leadership. “Effective collaboration between FIRS and the National Assembly is essential. While it’s challenging to encourage tax compliance, the professionalism of FIRS is noteworthy,” Faleke, represented by Kalejaiye Paul, Member Federal House of Representatives, representing Ajeromi Ifelodun Federal Constituency said. “The House of Representatives will continue to support FIRS in advancing Nigeria’s progress.”
The forthcoming Executive Bill is set to be a landmark development in Nigeria’s approach to revenue administration and cryptocurrency regulation, aiming to modernise the financial landscape and enhance economic stability.
