Despite $472.62bn GDP, Nigeria yet to record commensurate tax inflows – FIRS Boss

The Chairman, of the Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB), Dr Zacch Adedeji, yesterday, said the country was yet to take full advantage of its growth potential despite being Africa’s biggest economy with a GDP size of $472.62 billion. He said the growth and population advantage of about 220 million had not translated into a commensurately acceptable level of tax inflows into the economy. Speaking at the opening of the 154th meeting of the JTB in Abuja, with the theme, “Optimizing Tax Administration: Leveraging Harmonization of Taxes via Digital Transformation,” he pointed out that a well-designed and properly managed tax system has the propensity to encourage investment, promote social equity, and contribute to sustainable and inclusive economic growth and development.  Adedeji said taxation as a tool, possesses multi-dimensional means of influencing the macro-economic indices of the country when properly deployed. The JBT chairman said the country was presently challenged on many fronts, adding however, that these should reinforce the desire of tax administrators to find the required solution, through individual and collective actions as the drivers of tax administration in the country. He said he remained confident that the role of the board in the nation’s tax landscape would be further strengthened under his watch.