The Government of Nigeria has revealed that the country’s highest source of income is generated from tax revenue.
The Accountant General of the Federation (AGF), Oluwatoyin Madein, disclosed this at the 26th annual tax conference in Abuja, themed, ‘Sustainable Tax Culture and Economic Roadmap for Nation Building,’ organised by the Chartered Institute of Taxation of Nigeria (CITN).
According to Madein, members of the Federation Account Allocation Committee (FAAC) always looks forward to receiving the monthly figures from the Federal Inland Revenue Service (FIRS) because of the sizable revenue generated from taxes.
She said the funds generated are important for distribution among the three tiers of government.
“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 succour to all tiers of government,” she said
Speaking to tax practitioners, she urged them to intensify their efforts towards tax collection which in turn is used to fund infrastructural development.
“Let us remain steadfast in our commitment to building a better future for all. Together we can harness the transformative power of taxation to create a more prosperous, equitable, and sustainable world,” she said.
“Like I said earlier, at FAAC, we eagerly look forward to tax numbers because, at the moment, revenue from non-oil has been a great revenue source for the federation.
“Therefore, to tax practitioners, you are doing so well, but we need more of this to be able to deliver on all the areas that the citizens are looking forward to because, for even infrastructure development, it is only through funds that we can get it done.”
