President Bola Ahmed Tinubu has been advised to to declare a state of emergency in revenue generation by merging the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service (NRS).
The advise was given by the President’s Advisory Council, which set a $1 trillion economy target within 8 years.
The council said to achieve the $1 trillion target, the Nigerian Revenue Service will collect all direct and indirect taxes, as well as levies on behalf of the Federal Government.
Members of the council are Senator Tokunbo Abiru (chairman), Sumaila Zubairu, Dr Doris Anite and Dr Yemi Cardoso.
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The document which focuses on fiscal and monetary policies, industry, trade and capital market reforms, also emphasised that changes in the Central Bank of Nigeria (CBN) and temporary increases in fiscal circuit breakers, would help achieve N1trn Gross Domestic Product (GDP) growth and over 50 million jobs for citizens in eight years.
“Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into Excess Crude Account (ECA) and Nigeria Sovereign Investment Authority (NSIA).
“Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.
“Aggressively grow domestic refining capacity to 2 million barrels per day in the next 8 years, including modular refineries,” the advisory read in part.
It also listed achievement of 7% average annual GDP rate; lifting 100 million people out of poverty; creating enabling environment to generate over 50 million jobs, among priorities.
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