Tax revenue has become the foremost income stream for the federation, the Federal Government disclosed at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja. According to Oluwatoyin Madein, the Accountant General of the Federation, tax practitioners were urged to intensify efforts in revenue collection to sustain this trend and facilitate government provision of infrastructure and amenities.
Madein emphasized the pivotal role of tax revenue, stating that the Federation Accounts Allocation Committee heavily relies on figures from the Federal Inland Revenue Service (FIRS) each month. The FIRS exceeded its 2023 revenue target by N816 billion, reinforcing the significance of tax collection in national revenue generation.
At the conference, Madein lauded tax practitioners for their contributions but stressed the need for further efforts to enhance revenue generation. She highlighted the importance of tax revenue in funding infrastructure development, underscoring its indispensable role in meeting citizens’ expectations.
President/Chairman of Council, CITN, Samuel Agbeluyi, also addressed concerns regarding the withdrawal of subsidies on fuel and electricity, urging the government to consider the impact on the purchasing power of the masses. However, he expressed satisfaction with President Bola Tinubu’s intervention to slow down the recently approved cybersecurity levy by the Central Bank of Nigeria.
