According to the Federal Government, tax revenue has emerged as Nigeria’s primary source of income, surpassing all other streams.
Oluwatoyin Madein, the Accountant General of the Federation (AGF), revealed this significant milestone at the 26th annual tax conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja.
Speaking on the theme, ‘Sustainable Tax Culture and Economic Roadmap for Nation Building,’ Madein emphasized the pivotal role of tax revenue in sustaining the country’s economy. She highlighted the eagerness of the federation account allocation committee (FAAC) to receive monthly figures from the Federal Inland Revenue Service (FIRS), underscoring the critical importance of these funds for equitable distribution among all levels of government.
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Madein reiterated the commitment of the Office of the Accountant-General of the Federation to foster a sustainable tax culture, ensuring the consistent flow of revenues at an enhanced level.
“Tax revenue currently stands as the foremost source of income for the federation. As such, the FAAC eagerly anticipates the figures from the FIRS, as their performance continues to soar, providing relief to all tiers of government,” she stated.
As tax revenue takes center stage in Nigeria’s fiscal landscape, stakeholders anticipate further initiatives to bolster tax compliance and optimize revenue generation for national development.
