Tinubu targets N30trn revenue, rules out NNPC, FIRS, Customs merger

The Bola Tinubu administration is targeting N30 trillion revenue within the next three years without raising taxes.

The target would be achieved through technology and data.

The President has also ruled out the speculated merger of the Nigeria National Petroleum Company Limited (NNPCL), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigeria Maritime and Safety Administration (NIMASA) and other revenue-generating agencies of the Federal Government.

Rather than being merged, the revenue-collecting agencies will have their collections integrated for efficiency and accountability.

Special Adviser to the President on Revenue, Zach Adedeji, dropped the hints on a television programme on Monday night.

Ecobank to FBN: Reject Otudeko’s N87.6bn share acquisition

The Presidential Adviser stated that the plans of the Tinubu’s government is to deepens the tax collection without raising taxes.

“Today, the total tax collection of the Federal Government is under N15 trillion from all the agencies. Our plan is to double that figure to N30 trillion within three years without raising tax but to deepen revenue collection,” he said.

Adedeji said that there will be a change in tax and finance laws of the federation.

He said: “Though revenue may be a challenge, if you consider our robust plan, you’ll see that we have plans to actually generate more that will be enough for us to run our government.

“If you look at South Africa, in 2022, it collected the equivalent of N65 trillion, while we collected under N15 trillion with almost times three of SA’s population.

“If you look at our debt to revenue, that is also a pointer that there is a problem. About 90 per cent of our revenue is used to service debt. So, it is clear that we have a revenue problem.

“We have identified multiple taxes, multiple generation agencies and collection, lack of data, and lack of technology among others, that confront our ability to actually generate what we need. And we have plans to resolve all of them.”

On the merger of some agencies, he said: “When we talk about harmonisation of all these revenue collections, these agencies have done their best. But when we begin to apply technology and data, everything will change.

“We are not collapsing. NNPC will be NNPC because it is limited, Federal Inland Revenue (Service) will be but the collection of all revenue will be technologically driven by data…Why there seems to be government within government is because of the law because there is no real law that specify what they should do.”

The Star