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By Daniel Adaji
The Federal Government is set to convert the Joint Tax Board (JTB) into a Joint Revenue Board (JRB) with expanded powers and responsibilities to streamline tax administration across the country.
Chairman of the Federal Inland Revenue Service (FIRS) and the JTB, Zacch Adedeji, disclosed this at the 157th Board Meeting of the JTB held in Ibadan, Oyo State on Monday.
He said the transition would modernise and harmonise the national tax system to better serve the evolving economy.
“The JTB would soon transition to the Joint Revenue Board (JRB) with expanded scope and responsibilities that would make tax systems easily harmonised and modernised nationwide,” Adedeji said.
The move comes amid renewed attention to Nigeria’s informal sector, which accounts for 92.6 per cent of the country’s employed population as of Q1 2023, according to the National Bureau of Statistics.
Adedeji stated that President Bola Tinubu is deeply concerned about the wellbeing of informal sector operators.
“President Bola Tinubu has said the focus should be on taxing the fruits and not the seeds so that we don’t kill what people have invested in businesses,” he said.
Instead of imposing taxes immediately, Adedeji advocated for using accurate data to bring structure to the informal economy.
He urged revenue board chairpersons from the 36 states to focus on formalising the sector through data-driven strategies.
“I would rather support the formalisation of the informal sector with the use of data rather than taxing them,” he said.
Adedeji attributed the drop in Nigeria’s unemployment index to the formal recognition of informal workers by the NBS. He emphasised that the sector is a key contributor to national productivity and must be supported, not overburdened.
Governor Seyi Makinde of Oyo State, who hosted the board meeting, also stressed the need for a thoughtful approach to taxation.
“We must not only be strategic but also humane in our approach. The goal should not only be to increase revenue but to support and empower those within the informal economy so they can thrive and contribute meaningfully,” he said.
Makinde added, “Our administration is committed to balancing fiscal responsibility with inclusive economic growth. Our recent initiatives have improved our revenue generation drive.”