IMF Commends Nigeria’s FIRS for Tax Reforms Boosting Domestic Revenue

 The International Monetary Fund (IMF) has acknowledged progress made by Nigeria’s Federal Inland Revenue Service (FIRS) in implementing tax reforms aimed at boosting the country’s domestic revenue.

In its latest assessments, the IMF highlighted Nigeria’s efforts to modernize tax administration, broaden the tax base, and enhance compliance through digital solutions. The Fund noted that strengthening revenue mobilization is crucial for reducing fiscal deficits and creating space for vital investments in infrastructure, health, and education.

“Continued reforms to improve tax compliance and administration, including the digitalization of tax processes, are important steps toward achieving sustainable revenue growth,” the IMF stated in recent reports.

FIRS has introduced several initiatives in recent years, including the deployment of advanced technology platforms, streamlined tax processes, and measures to curb leakages and improve transparency.

Experts believe sustained reforms will be key to meeting Nigeria’s revenue targets and reducing reliance on oil income, especially amid fluctuating global oil prices.

The IMF has urged Nigeria to maintain momentum on tax reforms and to ensure that revenue gains translate into tangible socio-economic benefits for citizens.

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