According to Oluwatoyin Madein, the Accountant General of the Federation (AGF), tax revenue has surpassed all other sources of income for Nigeria.
At the 26th annual tax conference, with the topic “Sustainable Tax Culture and Economic Roadmap for Nation Building,” held in Abuja by the Chartered Institute of Taxation of Nigeria (CITN), Madein disclosed this.
Madein underlined the importance of tax revenue, saying that members of the Federation Account Allocation Committee (FAAC) look forward to receiving the Federal Inland Revenue Service’s (FIRS) monthly data. The distribution of these monies among the three branches of government is essential.
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She stated, “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.”
Tax professionals should step up their efforts to collect more taxes, as Madein said, as this will increase government revenue—which is necessary to pay for public services like infrastructure.
Tax professionals should step up their efforts to collect more taxes, as Madein said, as this will increase government revenue—which is necessary to pay for public services like infrastructure.
speaking further, she stressed, “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.
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“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,” she added.
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