Nigeria expects to achieve its tax collection target of 19.4 trillion naira ($12 billion) this year, according to Bloomberg. Federal Tax Authority Chairman Zacch Adedeji said that despite approaching the third quarter, current data suggests the target is achievable.

Adedeji stressed that fixing the tax system is one of President Tinubu’s priorities to revive the economy and reduce the fiscal deficit. Nigeria plans to revise outdated tax laws such as the Stamp Act of 1939 to make tax collection more efficient.

In addition, the tax bureau also plans to include cryptocurrencies in regulation to further increase revenue. Adedeji said that cryptocurrencies are an important part of the current economy and need to be regulated by relevant laws.