Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has unveiled details about the proposed transformation of the Federal Inland Revenue Service (FIRS) into the Nigeria Revenue Service (NRS).
Speaking during a stakeholder session with tax consultants and Chief Financial Officers (CFOs), Oyedele outlined the objectives of the Nigeria Revenue Service Establishment Bill and its impact on tax administration in Nigeria.
The bill seeks to repeal the current FIRS Establishment Act and replace it with legislation that establishes the NRS. Oyedele explained that the new name is intended to reflect the agency’s broader mandate.
“The FIRS is not merely a revenue agency for the federal government; it collects taxes deposited into the Federation Account, effectively making it a revenue agency for the federation.
Its current name does not fully capture this broader responsibility,” Oyedele noted. Under the proposed reforms, the NRS will inherit the responsibilities of the FIRS while also administering additional taxes, levies, and revenues for the government.
A key feature of the bill is the emphasis on separating regulatory functions from revenue collection.
Oyedele argued that regulators should not directly engage in tax collection to avoid conflicts of interest and ensure greater accountability.
The reforms aim to streamline tax administration, enhance efficiency, and better align the agency’s identity with its comprehensive role in managing the country’s revenue.
With these changes, the government hopes to improve the overall efficiency of tax operations and foster transparency in managing public funds.
