The Acting Chairman of the Federal Inland Revenue Service, Zacch Adedeji, targets a tax to GDP ratio of 18% over the next three years.
This is to surpass Africa’s average tax-to-GDP ratio of 16.5% and boost revenue to reduce the country’s reliance on borrowing.
He made this known at the official hand over ceremony.
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The outgone chairman Muhammad Nami on his part says 8.5 trillion in tax revenue has so far been generated this year, adding that his reforms helped boost the country’s tax revenue to record high levels, which funded 70% of the country’s expenditure.
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