Tax Now Highest Revenue Source to Federation – AGF

The Federal Government of Nigeria has asked tax collectors to work harder to get more money from taxes. The Accountant-General of the Federation, Oluwatoyin Madein, said this during a tax conference in Abuja. She explained that tax revenue is the main source of income for the government and helps fund various services and projects.

Madein mentioned that every month, the Federation Accounts Allocation Committee looks forward to the revenue figures from the Federal Inland Revenue Service (FIRS). In 2023, FIRS collected NGN 12.37 trillion, which was more than their target of NGN 11.56 trillion by NGN 816 billion. This extra money helps all levels of government to share funds for their needs.

Madein encouraged tax professionals to increase their efforts in collecting taxes. She believes that better tax collection will lead to more money for building infrastructure and providing services. She also emphasized the importance of a strong tax culture for the country’s growth and prosperity.

Source: PUNCH