The Acting Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji has set a tax-to-GDP ratio of 18% target to be attained by the federal government in the next three years.
Adedeji made this commitment on Monday when he officially took over from his predecessor Muhammad Nami, who was directed last Thursday by President Bola Tinubu to proceed on three months of pre-retirement leave ahead of his formal exit by December this year.
“Our aspiration is audacious – 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.
The new FIRS boss also vowed to go after tax defaulters as the country pushes for more revenue for the government.
Nigeria ranks as one of the lowest tax earners globally with a tax-to-GDP of 10.8%.