Assessing the gains of FIRS under Fowler

Since independence in 1960, Nigeria’s overarching developmental goal has been to achieve rapid economic growth; improve material prosperity; promote peace, harmony and social progress. Successive governments have formulated and implemented many policies and programmes in order to ensure that this noble goal is achieved. However, while good policies exist and are being improved upon, there has been a falure of policy implementation over the years resulting in the present state of our dear nation and for which the present Muhammadu Buhari’s led government is working assiduously to address.

The objective of micro and macroeconomic reforms, growth and sustainable development is to facilitate the attaintmaint of sustainable development objectives with a resultant improvement on the human development index . Despite the difficulties often encountered in linking policy explicitly to particular economic activity performance with proven micro and macroeconomic impact; current indicators shows that economic policies have begun to stimulate economic activity only lately thus resulting in among other things, a significant rise in economic growth, declining inflation, reduced deficits, and an increase in tax revenue collection which in turn contributes greatly to employment generation.

Nigeria’s missing link in its quest for economic prosperity has been the dearth of adroit economic managers with the right pedigree to navigate the ship of our nation’s economy smoothly to a safe harbour. However, with the emergence of Mr. Babatunde Fowler (as Executive Chairman of the  Federal Inlands Revenue Service) thereby propelleling his zest to emerge as one of the main drivers of our economy. Without doubt Nigeria has been navigated away from that ensdless circle of frustration to rediscover that solitary tangent of hope and we are now on the march again to sustainable economic prosperity through an economic diversification programme that elevates the agricultural, non-oil manufacturing, solid minerals and the service sectors shifting emphasis and attention to higher value adding activities whilst reducing reliance on volatile commodity exports such as oil and gas.

Emperical evidence clearly point at the unarguable fact that the sweeping tax reforms at the Federal Inland Revenue Service (FIRS) have ensured an economically sustainable tax system which consistently generates sufficient revenues to finance government activities. Reforms in areas that offset government revenue loss from a decrease in capital income tax have been contained by Mr. Fowler ingenuity in tax admnistration. In just 3 years Nigeria’s non-oil revenue and service sectors have witnessed a remarkable transformation and turnaround in increase revenue and reducing over dependence on oil incomes.

Fowler has shown to us all that with good policies, appropriate integrative strategies, committment and political will; the country may attain a sustainable development path through value-added reforms and diversification. Without diversification, Nigeria is highly susceptible to price shocks and shift in investment cycle. Fowler’s reforms have restructured and broadened our source of revenue through sound fiscal reforms. Nigeria has for the first time since the era of oil boom in the 70s broken the jinx of over dependence on oil through a strategic introduction of value-added tax.

As Nigeria takes sure and impact-laden strides towards the attainment of her patriotic NextLevel goals, it is pertinent that the right team should be co-opted for an irreducible benchmark of sustaining the tempo and poosibly upping the ante. The gains recorded at FIRS can only be attributed to a rare  blend of patriotism, sheer determination and fine edge expertise.

Doubtless, Mr. Fowler brought his rich mix of experience as Chairman African Tax Administrators Forum and Vice Chairman of the United Nations International Committee on Tax Experts to steer FIRS to this enviable meteoric height. The odds can only be adjudged as very favourable and positive with the current Team manning FIRS. Mr. Babatunde Fowler sure stands tall primus inter pares among tax administrators globally – a great resource to be utilized at this time when Nigeria revs up for renewed economic growth.

Therefore, it is pertinent to call on President Muhammadu Buhari to renew the tenure of Mr. Babatunde Fowler that we may consolidate on these undoubtable results for the results to resonate across the Nigeria with clarity.

 Haladu writes from Birnin Kebbi, Kebbi state viah [email protected]

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