Would you like to receive notifications on latest updates of the following headlines?

IMF Commends FIRS for Reforms, Pledges Continued Support

POSTED ON July 10, 2025 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
International Monetary Fund(IMF) Logo

The International Monetary Fund has expressed its support for the ongoing reforms at the Federal Inland Revenue Service (FIRS), commending the agency for what it called significant advancements in its fundamental operations. 

This endorsement was communicated by Paulo Paz, a Senior Economist from the Fiscal Affairs Department of the IMF, during the launch of the IMF-supported Headquarters Mission at the Revenue House in Abuja on Wednesday.

The IMF team's mission in Nigeria aimed to identify additional ways the organization could assist the agency in overcoming potential challenges, especially in light of the newly enacted tax laws.

In a statement from Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, Paz noted that the IMF acknowledged the "good work that FIRS has been doing for the citizens" under Chairman Zacch Adedeji.

He stated that the new tax laws would significantly impact Nigeria. "We wish to understand how we can best assist you with this new challenge.

Our perspective on the four tax laws recognizes the excellent work FIRS has been doing for its citizens.

At the same time, you have both recognition and new responsibilities with these powerful laws, which will enhance the importance of tax administration in Nigeria. We are honored to be here and to partner with FIRS. 

Thank you for trusting our guidance. We congratulate you on your commendable results thus far. There is even more ahead, and we are here to support you."

Adedeji acknowledged the visitors, praising the IMF for its partnership with the tax body and expressing optimism that this collaboration would persist as the agency transitions to the Nigeria Revenue Service next year.

 Adedeji, represented by his Chief of Staff Tayo Koleosho, specifically appreciated the IMF's collaboration with FIRS in portfolio management and compliance initiatives. "The IMF has been with us throughout this journey, and I believe we are well-positioned to continue this partnership. We are collaborating on digital transformation, VAT automation, and improving compliance and automation processes.

I am particularly focused on corporate planning and the connection between data portfolio management, which will help break down our strategy into manageable tasks. It is crucial that these elements are well addressed," he remarked.

In her comments, Bolaji Akintola, the Coordinating Director for the Corporate Services Group, described the IMF as a vital stakeholder in FIRS's quest for tax system reforms aimed at enhancing domestic revenue generation.

She mentioned that FIRS, with IMF support, conducted two systemic evaluation exercises using the Tax Administration Diagnostic Assessment Tool (TADAT) between 2018 and 2023.

"Each of these evaluations was followed by a post-TADAT mission, resulting in a reform roadmap to address the systemic weaknesses identified in the assessments.

The significant improvements shown in the 2023 TADAT results compared to 2018 indicate the Service’s commitment to institutional excellence.

I assure you that if another TADAT were carried out today, the results would surpass those of 2023, as many of the weak indicators from the 2023 Performance Assessment Report have been addressed and incorporated into the four tax reform laws recently signed by President Bola Tinubu," she stated.

READ ALSO
IMF Commends FIRS for Reforms, Pledges Continued Support
BY Abiodun Saheed Omodara July 10, 2025 0

The International Monetary Fund has expressed its support for the ongoing reforms at the Federal Inl...

READ ALSO
FG Urges Judiciary to Strengthen Capital Market for Economic Growth
BY Abiodun Saheed Omodara July 8, 2025 0

The Federal Government has called on the judiciary to take a proactive role in strengthening the cap...

READ ALSO
Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...

READ ALSO
CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...

READ ALSO
Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...

READ ALSO
Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 7, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...

READ ALSO
Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 6, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...

READ ALSO
Nigerian Investors Launch $5 Billion Cooperative Trust Fund to Empower MSMEs
BY Abiodun Saheed Omodara July 6, 2025 0

A coalition of Nigerian investors has introduced a Cooperative Trust Fund valued at $5 billion, aime...

OUR CHANNELS:

Ex-D’Tigers coach Brown sets goals for new job
BY Abiodun Saheed Omodara July 9, 2025 0

The former head coach of the Nigerian men's national basketball team, D'Tigers,Mike Brown,has s...


U.S. Reduces Visa Duration for Nigerians to Three Months
BY Abiodun Saheed Omodara July 10, 2025 0

The U.S. Department of State has changed its five-year visa policy for Nigerians applying for non-im...


JAMB Sets 2024 Cut-Off Marks for Tertiary Institutions
BY Abiodun Saheed Omodara July 10, 2025 0

The Joint Admissions Matriculation Board announced the admission cut-off marks for universities, pol...


Federal Government Launches Exclusive Passport Office for Senior Officials
BY Abiodun Saheed Omodara July 10, 2025 0

ABUJA, Nigeria - The federal government on Tuesday, inaugurated a new passport front office in Abuja...


African Democratic Congress Claims Government Coercion to Weaken Opposition Coalition
BY Abiodun Saheed Omodara July 9, 2025 0

The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of ta...


FG Urges Judiciary to Strengthen Capital Market for Economic Growth
BY Abiodun Saheed Omodara July 9, 2025 0

The Federal Government has called on the judiciary to take a proactive role in strengthening the cap...


Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 10, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...


CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...


Nigeria Faces Teacher Shortage: Over 31 Million Learners Rely on Just 915,913 Educators
BY Abiodun Saheed Omodara July 9, 2025 0

According to data from the Universal Basic Education, only 915,913 teachers are available for at lea...


Tinubu Calls for Equitable Global Framework at BRICS Summit
BY Abiodun Saheed Omodara July 10, 2025 0

President Bola Tinubu has advocated for a more equitable global framework regarding climate action,...


More Articles

Load more...

Menu