Chairman of the Federal Inland Revenue Service, FIRS, Mr Zacch Adedeji, has reiterated the call for improved tax administration and public-private synergies in order to boost Nigeria's revenue generation.
Adedeji made the call in his keynote address at the 2024 NPO Reports annual dialogue with the theme: 'Revenue Generation and Infrastructure Progress in a Challenged Economy' held, in Abuja, yesterday.
The FIRS boss who was represented at the event by the Director of Intergovernmental Relations, Dr. Umar Ahmed, noted that an improvement in tax administration would among others enhance tax collection efficiency, reduce corruption, and increase transparency.
He emphasized the pivotal roles revenue generation and infrastructural development play in overcoming economic challenges."Adedeji equally suggested mutually beneficial partnerships between the public and private sectors through the establishment of clear frameworks for their operations. "This, he said, would attract private investment in infrastructure."
He said: "Revenue generation and infrastructural development are pivotal to overcoming the challenges of a constrained economy."By adopting the transparent, inclusive and efficient strategies, government can unlock economic potential, foster innovation and improve public services, improve tax administration, enhanced tax collection efficiency, reduce corruption, and increase transparency."
The FIRS chairman suggested strengthening institutional framework, adoption of digital solutions, and prioritizing strategic projects amongst others as recommendations for curbing the nation's economic constraints.
Adedeji said: "Governments should prioritize capacity-building for regulatory bodies to enhance governance and ensure effective policy implementation.
"They should also adopt digital solutions as leveraging technology for revenue collection and infrastructure management can enhance transparency, reduce corruption, and increase efficiency.
"To prioritize strategic projects, he said that should be focus on high-impact projects that offer maximum economic and social returns, such as transportation, energy, and water supply."
On foster inclusivity, he suggested engaging stakeholders at all levels to ensure that development initiatives address the needs of all social groups.
