The Accountant-General of the Federation, Oluwatoyin Madein, has charged the Federal Inland Revenue Service (FIRS) to ramp up revenue generation for the federation….READ FULL ARTICLE

Madein gave the charge on Tuesday at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja.

Recall that in 2023, revenues collected by the FIRS stood at N12.37tn and exceeded the 2022 revenue target of N11.56tn by N816bn.

Applauding the tax practitioners on their performances, Madein noted that President Bola Tinubu’s aim to shore up economic development is in motion, and must be supported for improved tax returns.

She said, “Like the CITN, the Office of the Accountant-General of the Federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues even at an improved level.

“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.

“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.

“As I said earlier, at FAAC we eagerly look forward to tax numbers because 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.”

In his remarks, the President of the Council, CITN, Samuel Agbeluyi, applauded the withdrawal of subsidies on fuel and electricity and the suspension of the cybersecurity levy earlier announced by the Central Bank of Nigeria (CBN).

He said, “We will continue to advise the govt on its policies, considering how they affect the citizens.” READ THE FULL ARTICLE