The Federal Inland Revenue Service (FIRS) Executive Chairman, Mr. Muhammad Nami, said yesterday that the nation’s tax-to-GDP ratio climbed to 10.86% in 2021 from about 6% during the previous 12 years.
Nami, however, reiterated his plea for the federal government to rethink its tax waiver policy in order to ensure more money is available to fund development programs. Nami stated, “The FIRS launched a reassessment and re-computation of the ratio for 2010 to 2021 in order to accurately report the tax-to-GDP ratio.
As a result, the tax-to-GDP ratio for 2021 was changed to 10.86% from the previously announced 6.0%.
Meanwhile, NCS has started the procedures for leaving the Fast Track Regime in conjunction with the World Bank to Fast Track 2.0 (FT 2.0) under the Accelerating Revenue Mobilization Reforms Program (ARMOR).
In a statement, customs spokesman, Abdullahi Maiwada, explained that the system aims to reward compliance and facilitate trade by admitting traders based on their adherence to regulations and contribution to trade in Nigeria.