President Bola Ahmed Tinubu has been advised to declare a state of emergency in terms of revenue collection by combining the Federal Inland Revenue Service (FIRS), the Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service (NRS).
The advice came from the President's Advisory Council, which established a $1 trillion economic aim for the next eight years.
The Nigerian Revenue Service would collect all direct and indirect taxes, as well as levies, on behalf of the Federal Government, according to the council.
Senator Tokunbo Abiru (chairman), Sumaila Zubairu, Dr Doris Anite, and Dr Yemi Cardoso are members of the council.
The document, which focuses on fiscal and monetary policies, industry, trade, and capital market reforms, also emphasized that changes in the Central Bank of Nigeria (CBN) and temporary increases in fiscal circuit breakers would assist in achieving N1 trillion in 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.
Priorities include achieving a 7% average annual GDP rate, pulling 100 million people out of poverty, and establishing a climate conducive to the creation of over 50 million jobs.