The Federal Government is urging tax practitioners to intensify their efforts in generating more revenue from taxes, highlighting tax revenue as the leading income source for the federation.
This revelation came from the Accountant-General of the Federation, Oluwatoyin Madein, during the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja, themed “Sustainable Tax Culture and Economic Roadmap for Nation Building.”
Madein emphasized that tax revenue currently stands as the highest source of income for the federation. She noted that members of the Federation Accounts Allocation Committee eagerly anticipate the figures from the Federal Inland Revenue Service each month to facilitate fund allocation to the three tiers of government.
According to Madein, “Tax revenue as of today is the highest source of revenue accruing to the federation. Therefore, at the Federation Account Allocation Committee meetings, we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succor to all tiers of government.”
The FIRS exceeded its revenue target for 2023 by N816 billion, with total actual revenue collection for the year reaching N12.37 trillion, surpassing the N11.56 trillion target.
Addressing tax practitioners at the CITN conference, the accountant-general urged them to redouble their efforts in tax collection to bolster government revenue for infrastructure and other amenities. She stressed the importance of taxation in nation-building and called for continued collaboration among tax professionals to enhance understanding of tax laws and regulations.
President/Chairman of Council, CITN, Samuel Agbeluyi, echoed similar sentiments, emphasizing the need for government to consider the impact of policy decisions on the populace, especially following the withdrawal of subsidies on fuel and electricity, which has reduced the purchasing power of the masses.
Agbeluyi also welcomed President Bola Tinubu’s directive to the Central Bank of Nigeria to suspend the implementation of the cybersecurity levy, highlighting the institute’s commitment to advising the government on policies affecting citizens.
In building a sustainable tax culture, Agbeluyi emphasized the importance of professionalism and judicious use of tax revenue to foster trust between government and taxpayers, thereby contributing to nation-building. He underscored the need for investment in technology and human resources at all levels of government to effectively track revenues, including those from the digital space and cryptocurrency, to maximize government revenue flow.
