IMF PLEDGES SUPPORT FOR FIRS REFORMS, ENHANCING TAX ADMINISTRATION IN NIGERIA

The International Monetary Fund (IMF) has committed to supporting the Federal Inland Revenue Service (FIRS) in its ongoing reforms, acknowledging the agency’s significant progress in its core functions. Senior Economist Paulo Paz announced the IMF’s commitment during a mission at the Revenue House in Abuja, aimed at identifying areas where the IMF can assist the FIRS in managing challenges related to recently signed tax laws.

Paz praised the FIRS for its efforts, emphasizing the importance of the new tax laws in enhancing the agency’s relevance in Nigeria. FIRS Chairman Zacch Adedeji welcomed the collaboration, stating that the partnership with the IMF has been vital for the tax body, especially as it prepares to transition to the Nigeria Revenue Service next year.

The IMF has played a crucial role in the FIRS’s reform journey, conducting evaluation exercises to identify systemic weaknesses and develop a roadmap for improvement. Adedeji highlighted ongoing initiatives in digital transformation and compliance programs, expressing optimism for continued progress.
“The collaboration aims to strengthen Nigeria’s tax administration and improve domestic revenue mobilization,” Adedeji said. Recent assessments have shown significant advancements, reflecting the commitment to institutional excellence. Adedeji expects future evaluations to yield even better results.

The partnership between the IMF and FIRS is set to enhance the agency’s capacity to manage tax laws and improve revenue mobilization, ultimately contributing to Nigeria’s economic development.