- He made the disclosure during the 2024 stakeholders’ engagement with the Senate and House Committees on Finance
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, has announced plans to introduce a new law next month aimed at overhauling Nigeria’s revenue administration system.
Adedeji made the disclosure during the 2024 stakeholders’ engagement with the Senate and House Committees on Finance, organized by the Intergovernmental Relations Department of the FIRS, under the theme “Repositioning The FIRS To Achieve Its Mandate.”
During the event, Adedeji highlighted the absence of legislation governing Nigeria’s digital market, particularly the cryptocurrency sector. He emphasized the need for regulation to prevent adverse impacts on Nigeria’s economic development. The new law, according to him, would also address revenue harmonization, recording, and simplifying outdated tax laws.
Adedeji pointed out that Nigeria is still operating under the Stamp Duty Act of 1939, enacted long before the advent of the internet. He said this outdated legislation underscores the rationale behind President Bola Tinubu’s establishment of the Tax and Fiscal Reform Committee, which is tasked with reviewing and updating existing laws.
“We are committed to meeting our N19.4 trillion revenue target. The recent windfall levy has bolstered our capacity to meet this goal and further redistribute wealth,” Adedeji said. “By September, we will introduce a law that will overhaul the revenue administration process in Nigeria. The current Stamp Duty Act of 1939, which predates internet connectivity, is still in use. We cannot afford to ignore the evolving cryptocurrency market, but as it stands, there is no legal framework governing it in Nigeria.”
He added that the President’s Tax and Fiscal Reform Committee is focused on revising these outdated laws to reflect contemporary realities.
Also speaking at the event, the Chairman of the Senate Committee on Finance, Senator Mohammed Musa, noted that the FIRS and legislators are working together to develop legislation that will maximize revenue collection, enabling Nigeria to address critical challenges in infrastructure and human capital development.