Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has said Nigeria must restructure its productive base away from crude oil and build multiple engines of growth across agro-processing, the digital economy, the creative industry and solid minerals.
He said achieving this shift will require a tax system that is broad in scope, technology-driven and trusted by citizens.
Adedeji made these remarks on Friday while delivering the maiden edition of the Distinguished Lecture Series at the University of Ilesa, Osun State. Speaking on the topic Economic Resilience in an Era of Dwindling Revenue, he said revenue diversification has moved beyond a policy choice and has become “a national imperative.”
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A statement issued by his Special Adviser on Media, Dare Adekanmbi, quoted him as saying, “we have made some gains, but resilience demands more than marginal improvements. It requires structural change, bold reforms and unwavering commitment to fiscal sustainability.”
According to the FIRS chairman, strengthening the nation’s fiscal base starts with generating more revenue internally through fair and efficient measures. “Nigeria cannot continue to depend on volatile oil revenues or foreign loans to fund development,” he said.
Adedeji added that the country must adopt a tax system that matches the true size and complexity of its economy. “We must build a tax system that reflects the true size and structure of our economy. This requires moving beyond a narrow band of large, formal companies and capturing economic activities in the informal sector, the digital economy, and high-net-worth individuals who remain outside the tax net,” he said.