President Bola Tinubu Set To Scrap FIRS, See Why

President Bola Tinubu is set to scrap FIRS.

Newsone Nigeria reports that Nigeria’s President, Bola Tinubu has asked the National Assembly to consider repealing the act that establishes the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service (NRS).

Tinubu’s request was contained in letters read on the floor of the House of Representatives and the Nigerian Senate on Thursday, October 3, 2024.

“The third bill is our respect of the Nigerian Revenue Service which seeks to repeal the Federal Inland Revenue Service Establishment Act number 13 of 2007 and establishes the Nigerian Revenue Service to assess, collect and account for revenue accruable to the government of the federation,” he said.

President Tinubu also asked the national assembly to pass three tax reform bills; the Nigeria tax bill, the tax administration bill, and the Joint Revenue Board establishment bill.

“One of the bills is the Nigeria Tax Bill, which should provide a consolidated fiscal framework for taxation in Nigeria,” he said.

“The second one is the Nigeria Tax Administration Bill, which shall provide a clear and concise legal framework for the fair, consistent and efficient administration of all the tax laws to facilitate ease of tax compliance, reduce tax and optimize the revenue.”

President Tinubu said the Joint Revenue Board establishment bill would establish the joint revenue board and provide for the harmonisation, coordination, and settlement of issues arising from revenue administration in Nigeria.

The president said the bills align with his government’s objectives for fiscal reform “on the economic growth by enhancing taxpayer compliance”.