SOURCE OF INCOME: Nigeria Relies on Tax Revenue as Highest Income Contributor.

SOURCE OF INCOME Nigeria Relies on Tax Revenue as Highest Income Contributor.
SOURCE OF INCOME Nigeria Relies on Tax Revenue as Highest Income Contributor.

The Nigerian Federal Government has announced that tax revenue stands as the most substantial contributor to the nation’s income.

The declaration was made by the Accountant General of the Federation (AGF), Oluwatoyin Madein, during the 26th annual tax conference in Abuja, which bore the theme ‘Sustainable Tax Culture and Economic Roadmap for Nation Building’ and was organized by the Chartered Institute of Taxation of Nigeria (CITN).

Highlighting the pivotal role of tax revenue, Madein indicated that members of the Federation Account Allocation Committee (FAAC) consistently anticipate the monthly tax collection figures from the Federal Inland Revenue Service (FIRS) due to the significant amount of revenue it provides, which is then allocated across the government’s various levels.

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“In the current economic landscape, tax revenue has ascended to be the principal stream of income for our federation. At our FAAC meetings, there’s a keen sense of expectancy for the figures reported by the FIRS, as their upward trajectory has brought relief to all levels of governance,” she commented.

Addressing tax professionals, Madein urged a redoubling of their tax collection efforts, which serves as critical financing for infrastructural advancements.

She called upon the collective dedication to utilize taxation as a vehicle for positive change that leads to a wealthier, fairer, and environmentally responsible society.

“As previously mentioned, at FAAC, the contribution of tax revenue, particularly from non-oil sectors, has been noteworthy for the federation.

Hence, I encourage our tax practitioners: Your efforts have been commendable, yet there is room for growth. The populace’s expectations for infrastructural developments hinge upon the funds we gather, and that is heavily reliant on your success in taxation,” she concluded.

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