The Federal Government has urged tax professionals to increase their efforts in boosting tax revenue, emphasizing its vital role as the primary income source for the federation. This call was made by the Accountant-General of the Federation, Oluwatoyin Madein, during the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja.
Madein highlighted the importance of tax revenue at the Federation Account Allocation Committee meetings, stating that the performance of the Federal Inland Revenue Service (FIRS) consistently exceeds expectations, providing essential funds for all levels of government. FIRS surpassed its 2023 revenue target by N816bn, achieving a total actual revenue collection of N12.37tn, as reported by Amina Ado, Coordinating Director of Special Tax Operations Group at FIRS.
During the CITN conference, Madein urged tax professionals to enhance their efforts in tax collection to bolster government revenue for infrastructure and public amenities. She stressed the significance of taxation in building a better future and called for increased collaboration between organizations to improve capacity and understanding of tax laws.
President/Chairman of Council, CITN, Samuel Agbeluyi, acknowledged the impact of recent policy changes, such as the withdrawal of fuel and electricity subsidies, on the purchasing power of the masses. While expressing concerns, Agbeluyi also welcomed President Bola Tinubu’s directive to the Central Bank of Nigeria (CBN) to review the controversial cybersecurity levy policy.
Agbeluyi emphasized the role of government in fostering a sustainable tax culture and advocated for professionalism in taxation to ensure economic sustainability. He highlighted the importance of prudent use of tax revenue to build trust between government and taxpayers, thereby contributing to nation-building. Agbeluyi also underscored the need for investment in technology and human resources at the subnational level to effectively track revenues, including those from digital spaces such as cryptocurrency, to maximize government revenue flow.
