Tax revenue is currently our highest source of income, says FG

The federal government says tax revenue is currently the highest source of income.

Oluwatoyin Madein, accountant-general of the federation, spoke on May 14 at the 26th annual tax conference themed ‘Sustainable Tax Culture and Economic Roadmap for Nation Building,’ organised by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja.

Madein said due to the substantial revenue generated from taxes, members of the federation account allocation committee (FAAC) eagerly anticipate the monthly figures from the Federal Inland Revenue Service (FIRS), as these funds are crucial for distribution among the three tiers of government.

She said the office of the accountant-general of the federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues at an improved level.

“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.”

Madein told tax practitioners to intensify their tax collection efforts to increase government revenue, which would be used to fund infrastructure and other public services.

“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.”

In his remarks, Samuel Agbeluyi, CITN’s president, said fostering a sustainable tax culture in Nigeria requires significant involvement from all levels of government.

Agbeluyi said promoting a taxpaying culture requires the careful and transparent use of tax revenue to build trust between the government and taxpayers, which in turn supports nation-building efforts.

The CITN president also expressed his excitement regarding the suspension of the cybersecurity levy implementation.

Agbeluyi said the institute would keep advising the government on its policies, taking into account their impact on citizens.