The Federal Government has rolled out plans to drive tax in Nigeria through the enforcement of compliance with relevant tax laws in the country.

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has also disclosed the FG’s plan to raise the tax to Gross Domestic Product (GDP) ratio to 18 percent by the year 2026.

Adedeji gave this indication during his address at the Commerce and Industry Correspondents Association of Nigeria (CICAN) Annual Workshop/Awards themed: “Effects of Federal Tax Reform on Economy”.

“This would allay the fears in some quarters that the targeted revenue may engender the imposition of additional or new taxes,” the FIRS boss said.

Director/Coordinator, FIRS, Lagos Island, Mrs. Fadekemi Oyeniyi, who represented Adedeji at the event, said that the FIRS Chairman has reiterated that taxation is the lifeblood of any economy.

Oyeniyi stated that Adedeji also believes that taxation will provide the necessary funding for the government at any level to carry out its duties and carry out policies that will help the country grow and develop.

“It is therefore imperative that our tax policy reforms are effective, fair, and encourage investment and innovation,” he stated.

“Over the years, Nigeria has recognized the need for tax policy reforms to address the challenges faced by businesses and create an enabling environment for economic growth.”

Adedeji has, meanwhile, always said that the agency is fully committed to empowering Nigeria’s growth and development.

“Our aspiration is audacious and that is to surpass Africa’s average tax-to-GDP ratio of 16.5% and achieve an impressive 18% within three years.

“By doing so, we aim to reduce our nation’s reliance on borrowing and ensure financial sustainability,” he said after assuming office.