Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, stated that 63 ministries and government agencies would be exempt from paying taxes and collecting income. Oyedele stated yesterday on Channels TV that only the Federal Inland Revenue Service (FIRS) will do so.
“This meant that Customs would now concentrate on trade facilitation and border protection, while the Nigerian Communications Commission (NCC) would focus on regulating telecommunications, as they were not set up to collect revenue,” he explained.
“Ironically, our cost of collection is one of the highest, and the reason for that is that we have all kinds of agencies,” he explained.
“We have 63 MDAs in the federal government alone that were assigned revenue targets last year. On one hand, these agencies are diverted from their fundamental mission of facilitating the economy. Second, they were not designed to generate revenue. As a result, they will be unable to collect revenue efficiently.
“As a result, transfer those revenue collection functions to the FIRS. It has two benefits: the cost of collection and efficiency will decrease, these guys will be able to focus on their profession, and the economy will profit as a result.”
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