'A man of Steel': Analyst Hails Zacch Adedeji's Impact on Approval of Tax Bills
- A tax analyst has lauded the immense contribution of the Chairman of Federal Inland Revenue Service (FIRS), Zacch Adedeji, on tax bill approvals
- Atoyebi Aderonke highlighted the FIRS boss's unwavering commitment to ensuring the smooth implementation of the bills
- She said that the tax bills were widely accepted by many Nigerians who saw them as transformative and inclusive
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), has been hailed for his impact in earning the Nigeria Governors' Forum (NGF) 's vote of confidence in endorsing the Tax Reform Bills on January 16, 2025.
The FIRS boss earned this glowing tribute from Arabinrin Aderonke Atoyebi, a tax analyst who described him as " a man of steel" with unyielding resolve.
Source: UGC
A Bold Vision for Fiscal Equity
The endorsement, announced in a communiqué on Thursday, January 16, 2025, signals a transformative shift in Nigeria's fiscal landscape.
The four bills—the Nigeria Tax Bill, the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill—aim to streamline tax collection and enhance compliance nationwide.
"This is more than just revenue collection; it's about creating a fair system that serves every Nigerian," Arabinrin Aderonke Atoyebi, a tax analyst, noted in her recent piece.
The NGF's communiqué is seen as a declaration of unity and progress, signalling a shift toward modernising Nigeria's tax system.
"We've all witnessed the difficulties of an outdated system. This reform offers a renewed sense of hope," Atoyebi added.
The key to the reform is a revamped value-added tax (VAT) distribution formula. Under the new system, 50% of VAT revenue will be shared equally among states, 30% based on derivation, and 20% according to population.
This approach addresses long-standing concerns about fairness and equity. "This formula reflects Nigeria's diversity while ensuring justice in revenue allocation," Atoyebi emphasised.
Navigating Challenges with Resilience
However, the journey was not without challenges. Some governors initially feared tax policies impacting natural resources such as oil and gas. Adedeji and his team addressed these concerns through extensive dialogue.
"They listened, engaged, and demonstrated that these reforms are about building a better future for every region in Nigeria," Atoyebi said.
The NGF's backing includes commitments to maintain existing tax rates, exempt essential goods from VAT, and prioritise long-term economic stability. According to Atoyebi, this milestone underscores Adedeji's resilience.
"He has proven that determination can overcome any challenge," she remarked, hailing him as a leader with a vision for national development.
How Zacch Adedeji broke record of tax administration
Legit.ng earlier reported that In a year marked by significant reforms, Zacch Adedeji, Executive Chairman of IRS, emerged as a transformative leader, setting new benchmarks for Nigeria’s tax administration.
Under his stewardship, the FIRS surpassed its revenue targets, modernised tax processes, expanded the tax base, and championed equitable taxation policies.
Appointed as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, D Adedeji embraced his mandate to overhaul the tax system with purpose and determination.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
