FIRS Chairman Unveils 8 Key Insights from ‘Meet the Press’ Session

FIRS Chairman Unveils 8 Key Insights from ‘Meet the Press’ Session

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has outlined major economic milestones and fiscal reforms during a recent Meet the Press engagement, highlighting Nigeria’s steady progress towards macroeconomic stability and sustainable growth.

Adedeji said the reforms introduced by the Tinubu administration, backed by strong revenue mobilisation from FIRS, were yielding positive results across various sectors of the economy.

The FIRS boss noted that the Federal Government has significantly reduced its reliance on Central Bank overdrafts, commonly known as Ways and Means.

According to him, this shift reflects improved fiscal discipline and better revenue mobilisation, allowing government expenditure to be funded from internally generated revenues rather than short-term borrowing.

He revealed that international credit rating agencies have upgraded Nigeria’s economic outlook, citing improved debt sustainability, stronger revenue flows, and fiscal reforms. This, he explained, boosts investor confidence and paves the way for increased foreign investment inflows.

While inflation remains high, the FIRS chairman said government reforms are gradually moderating price pressures. He noted that recent data point to a slowdown in the rate of food and headline inflation, signalling that stability measures are beginning to take effect.

Adedeji announced that new tax reforms will be rolled out soon to simplify Nigeria’s tax system, reduce multiple taxation, and expand the tax net. These reforms, he explained, are designed to ease the burden on businesses, promote compliance, and drive inclusive growth.

For the first time in Nigeria’s history, gross federation revenues have reached unprecedented levels, driven largely by improved non-oil collections. Adedeji attributed this surge to FIRS’ efficiency and the successful implementation of technology-driven tax administration.

He stressed that non-oil taxes now account for a greater share of government revenue than oil, marking a historic shift in Nigeria’s fiscal structure.

According to him, this demonstrates the resilience of the Nigerian economy and reduces the country’s vulnerability to global oil price shocks.

On the foreign exchange front, Adedeji said reforms are helping to stabilise the naira. Increased inflows from non-oil exports, stronger investor confidence, and improved fiscal management have combined to ease pressure on the currency market.

Summing up, the FIRS chairman insisted that the Tinubu administration’s reforms are not only addressing Nigeria’s immediate fiscal challenges but are also laying the foundation for long-term stability, sustainable growth, and job creation.

Adedeji reassured Nigerians that despite the pains of adjustment, the reforms would lead to shared prosperity, urging citizens and businesses to support ongoing tax and economic policies.