Civil society organisations have commended the Chairman of the Nigeria Revenue Service, Zacch Adedeji for introducing reforms that have strengthened the economy.
The organisations noted that government’s revenue reforms have strengthened the economy.
The groups, led by Mallam Musa Bello and Chief Mrs Ngozi Okafor of the Women’s Rights Advocacy Network, announced the decision on Tuesday to suspend their planned protest against the NRS chairman after an emergency meeting in Abuja to review the revenue reforms being implemented under Adedeji’s leadership.
The CSOs, which had earlier called for Adedeji’s removal, said they were impressed by the impact of the reforms on government revenue, the finances of state governments and the business environment.
Speaking at a press conference after the meeting, the groups said monthly allocations to the three tiers of government had increased from about N700bn in 2023 to approximately N4.5tn.
They described the increase as evidence of the impact of the revenue reforms, saying it had strengthened the finances of state governments and reduced their dependence on Federal Government interventions to meet recurrent obligations.
The groups said: ‘We have deeply assessed the revenue drive led by the Executive Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji, since he was appointed by President Bola Tinubu to spearhead some of the reforms in revenue generation.
‘We are really impressed with his performance and impact made so far in terms of revenue generation and we can see the impact these reforms have made on the nation’s economy.’
The organisations also commended the reforms in the foreign exchange market, saying they had helped create a more predictable business environment and boost investors’ confidence.
According to them, the previous wide gap between the official and parallel exchange rates discouraged foreign investment because investors could not accurately determine the value of their returns.
The CSOs said the reforms had helped restore confidence in the economy and improve the prospects for capital inflows.
They also highlighted government interventions targeted at young Nigerians, particularly the student loan scheme and access to finance.
The organisations said that Nigerian banks had raised about N4.6tn following the Central Bank of Nigeria’s recapitalisation directive, with about 75 per cent of the funds coming from domestic investors.
They further said that more than one million students in about 300 higher institutions had benefited from the student loan scheme, with over N303bn disbursed in the last three years.
The CSOs acknowledged that the benefits of the reforms had yet to fully reach households but expressed optimism that Nigerians would increasingly feel the impact with time.
Consequently, the organisations shelved their planned protest, passed a vote of confidence in Adedeji and pledged to sensitise Nigerians on the perceived benefits of the economic reforms.
The groups said they had initially been unaware of the efforts being made by the Tinubu administration through the NRS to address the country’s economic challenges.
The organisations include the Leadership Centre for Peace Intercity and Transformation Initiative; Initiative for Advocacy Growth and Economic Advancement; Global Youths Awareness Development; Advocacy Centre for Professional Ethics Values; Anti-Corruption Network for Peace Initiative; Centre for Agri-Business Support in Nigeria; and Initiative for Transformation of the Underprivileged in Nigeria.
Others are Environmental Preservation and Sustainable Agriculture Development; Centre for Peace, Transparency and Accountability; African Leadership Strategy and Transparency Development Initiative; Pan-African Society for Social and Economic Change; Network of Advocacy for Positive Impact Initiative; Northern Initiative of Transparency and Social Justice; Community Peace Building and Environmental Sustainability Initiative; Public Accountability Network Initiative; Youth Initiative for Accountability and Integrity; and Nigeria Youth Advocacy for Good Governance Initiative.