The Accountant General of the Federation (AGF), Oluwatoyin Madein, has revealed that tax revenue has become the highest source of income for Nigeria.
Madein revealed this at the 26th annual tax conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, themed “Sustainable Tax Culture and Economic Roadmap for Nation Building.”
Madein emphasized the significance of tax revenue, stating that the Federation Account Allocation Committee (FAAC) members eagerly anticipate the monthly figures from the Federal Inland Revenue Service (FIRS). These funds are vital for distribution among the three tiers of government.
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.”
Madein urged tax practitioners to enhance their tax collection efforts to boost government revenue, which is essential for funding infrastructure and other public services.
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.
“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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