NewStats: 3,264,760 , 8,184,629 topics. Date: Thursday, 12 June 2025 at 10:11 AM 294j39

The Federal Government has charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income source for the federation.

It disclosed this on Tuesday through the ant-General of the Federation, Oluwatoyin Madein, at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja, with the theme: Sustainable Tax Culture and Economic Roap for Nation Building.

The government pointed out that based on the current high revenue from taxes, of the Federation s Allocation Committee were always looking forward to the figures from the Federal Inland Revenue Service every month, in order to have funds to share to the three tiers of government.

Madein said, “Like the CITN, the Office of the ant-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 at today is the highest source of revenue accruing to the federation. Therefore at the Federation 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.”

FIRS exceeded its 2023 revenue target by N816bn, as its total actual revenue collection for last year stood at N12.37tn, outperforming the N11.56tn target.

This is contained in a presentation by Amina Ado, Coordinating Director of Special Tax Operations Group at the FIRS.


At the CITN conference on Tuesday, the ant-general tasked tax practitioners to step up efforts in collecting taxes, so as to shore up more revenue for the government to provide infrastructure and other amenities.

Madein said, “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.

“Like I said earlier, at FAAC we eagerly look forward to tax numbers because at the moment revenue from non-oil has been a great revenue source to 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.”

She further stated that it was her strong belief that “the conference will go a long way to deepen the collaboration between our organisations in building capacity for all the professionals, experts and tax payers for better understanding of the tax laws, rules and regulations.”

On his part, the President/Chairman of Council, CITN, Samuel Agbeluyi, while delivering his remarks earlier, pointed out that the withdrawal of subsidies on fuel and electricity had reduced the purchasing power of the masses.

He noted that raising electricity tariff for a selected band after fuel subsidy was withdrawn “is going to reduce the purchasing power of the masses. So we urge govt to consider these actions on the masses.
He, however, stated that the institute was happy to know that President Bola Tinubu had asked the Central Bank of Nigeria to slow down on the recent cybersecurity levy that was approved by the apex bank.

“We will continue to advise the govt on its policies, considering how these polices affect the citizens,” Agbeluyi stated.


It was reported on Sunday that President Bola had asked the CBN to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

Meanwhile, the CITN president explained that in building a sustainable tax culture in Nigeria, government at all levels have a great role to play.

“Taxation, in all its aspects, demands the utmost level of professionalism due to its critical importance to economic sustainability.

“In furtherance of efforts at sustaining a tax paying culture, it is important to emphasise judicious use of tax revenue to engender trust between government and the taxpayer thereby entrenching a taxpaying culture and by extension contributing to nation building.

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“At the subnational level, particularly at the various revenue authorities, there is the need to invest in technology and people to effectively track revenues in the digital space including cryptocurrency to maximise government revenue flow,” he stated.

https://punchng.com/tax-now-highest-revenue-source-to-federation-fg

Our leaders will dance as David danced as they read this news. More money to loot.

What about ability.

Them take tax swear for Tinubu




Zaccheus for Bible na apprentice where Tinubu dey




At the end of taxation he go carry 80% go sniff cocaine then starts sleeping from Europe to Asia at every important meeting with other world leaders

"Widen the tax net and reduce the purchasing power of the people" --Bola A. Tinubu

That's the way it should be. However, this government should invest more in oil and gas to grow Nigeria's FX. That will save our ailing naira

Tinubu is on the right path

Tinubu till 2031

Tax collector

fff

Tinubu is working

Wawu

Because they continue to steal the oil

So, the naira should regain strength. Another propaganda loading

rise am

This is great. In countries like the UK, US ans Canada, taxes contribute to government revenue and are channeled to public use.

Another thing that must be done is bringing back tollgates. In most advanced countries I have visited, major roads are tolled. Apart from revenue, such funds are used to maintain such assets for public good. For example, if you are entering any state, you pay your toll. For states with large local government areas, you can toll each local government area's entrance.

One question that arose during the presidential campaigns was revenue generation and addressing the debt burden.

Previous istrations never defaulted in honouring debt obligations. The revenue drive by the Tinubu istration is also sensible.

May I also suggest the Ministry of Finance looks into some government assets that are not income generating or expensive to maintain and sell them off or lease them? For example, Federal Secretariat in Lagos can be bought by the Lagos State Government or private partners and convert it to profitable use like block of apartments? Also, we do not know why NNPC and FG still hold on to refineries. Might be useful to sell them off.

How about Ajaokuta Steel Mill? Can't someone like Adenuga or Dangote buy it off and make it productive? Our wealthy men are looking for where to put their money. The FG needs to open the space for them.

Our banks are profitable. There are critical sectors of the economy they can pour funds into.

When the economy is moving, foreign investors would want to come since their motivation is not charity but profit.

Zxd

Na we citizens dey fund politicians Lifestyle now??

Even oil money no reach again.

Tinubu is just a tax collector. He does not know economics 101.

Well done Tinubu. Keep on suffocating us

Lol. I always smile when Nigerian commentators claim tax payers money on TV because I know the Nigerian government at national and subnational levels largely don't rely on tax revenue. They rely and depend on oil money. And I guess we are cool with it as long as government doesn't disturb us for taxes.

And that's why most can spend and steal anyhow because they really didn't work for it and their citizens also cannot seriously claim that their "tax payer" money is being mismanaged and stolen. What they can claim is that politicians alone are stealing "common wealth" forgetting that this "wealth" is coming from a part of the country and we are only laying claim to them by association in this union called Nigeria.

When Nigerians truly start parting more with their hard earn money in form of taxes, we will start holding our government more able.

treesun:

https://punchng.com/tax-now-highest-revenue-source-to-federation-fg

You are not ashamed to say this

APC urchins don't pay tax

Come 2027 people will still vote APC after all these sufferings

Chai

Ofunaofu:
"Widen the tax net and reduce the purchasing power of the people" --Bola A. Tinubu

Yeah as he said this may further slow down the economy

This is some good news.

Nevertheless, deregulate the prices of petrol and electricity.

In addition, slash company tax to 12.5%.

that is what Tinubu wants to boast about

I get angry anytime I see where the useless politicians in Nigeria talk about going to Abuja to share monthly allocation(FAAC)
This people just sit down through out the month and go to FCT to share money to themselves at the end of the month, no ideas or plans to develop each State.

I really need to know something, are we practicing the same system of government as the USA? If yes, do they go to Washington monthly to share money to each states or every state keep what they get as revenue and pay some percentage to the central government?