Babatunji Wusu –
Since tax money is currently the federation’s largest source of income, the federal government has urged tax practitioners to step up efforts to enhance tax collection.
This information was disclosed by Oluwatoyin Madein, the Accountant-General of the Federation, on Tuesday at the Chartered Institute of Taxation of Nigeria’s 26th Annual Tax Conference in Abuja.
“Sustainable Tax Culture and Economic Roadmap for Nation Building” was the conference’s theme.
The administration has observed that members of the Federation Accounts Allocation Committee eagerly await the monthly data from the Federal Inland income Service because of the present high tax income.
This is to guarantee that money is available to distribute across the three branches of government.
The Office of the Accountant-General of the Federation, like the CITN, is dedicated to a sustainable tax culture that will guarantee the ongoing flow of revenues, even at an upgraded level, according to Madein.
As of right now, the federation’s main source of income is tax money. As a result, we anxiously anticipate the FIRS data at the Federation Account Allocation Committee meetings because the performance is consistently improving and supporting all levels of government.
The Special Tax Operations Group’s Coordinating Director, Amina Ado, claims that FIRS exceeded its income target for 2023 by N816 billion, with actual revenue collection for the previous year coming in at N12.37 trillion as opposed to the target of N11.56 trillion.
The Accountant-General urged tax professionals to step up their efforts in tax collection at the CITN conference on Tuesday in order to raise funds for public facilities and infrastructure.
“Let us remain steadfast in our commitment to building a better future for everyone,” Madein stated. By working together, we can use taxation’s revolutionary power to build a more affluent, just, and sustainable society.
As I previously stated, the FAAC is excited to see the tax figures because non-oil revenue has been a fantastic source of funding for the federation thus far.
Because even infrastructure development can only be completed with funding, “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.”
According to Madein, the conference will strengthen organizational cooperation and increase experts’ and taxpayers’ understanding of tax rules and regulations.
