Tinubu Revenue Reform: 63 Agencies to Lose Revenue Collection Power

In a bid to enhance revenue collection, 

President Tinubu intends to consolidate revenue collection powers into a single agency called Nigerian Revenue Service (NRS). 

The aim is to boost revenue collection and improve efficiency through a more centralized and efficient system.

The proposed reforms will strip agencies like the Nigerian Customs Service, Nigerian Ports Authority, and Nigerian Maritime Administration Agency of their revenue collection powers.

*PBAT's Tax Reforms*

As part of the proposed tax reform, 

the Nigeria Revenue Service (NRS), will be established to handle all revenue collection tasks. 

*This move aims to reduce tax collection costs, fight corruption, and increase transparency*

The reforms also include the introduction of four executive bills to the National Assembly, which will:

- *Establish the Nigeria Revenue Service*: Renaming the Federal Inland Revenue Service (FIRS) and granting the new agency responsibility for assessing, collecting, and accounting for government revenue.

- *Create a consolidated fiscal framework*: Streamlining tax collection and ensuring fair contributions from all taxable entities.

- *Improve tax compliance*: Establishing a clear legal framework for tax law administration and reducing disputes.

- *Establish a Tax Appeal Tribunal and Tax Ombudsman*: Harmonizing and resolving disputes related to revenue administration.

The goal is to increase Nigeria's tax-to-GDP ratio, currently one of the lowest in the world, to at least 18% 

*Conclusion*

This plan if implemented, would mark the beginning of the end for blocking various corruption loopholes in Nigeria.

I pray for the success and may we witness this euphoric plan in good order.

God bless Nigeria!

Ref:

https://www.theafricareport.com/371161/nigeria-tinubu-to-merge-63-revenue-agencies-to-boost-collection/