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Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation - Politics - Nairaland

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Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by treesun: 9:20am On May 15
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 Accountant-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 Roadmap for Nation Building.

The government pointed out that based on the current high revenue from taxes, members of the Federation Accounts 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 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 at 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.”

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 accountant-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

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Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Righthussle: 9:25am On May 15
Our leaders will dance as David danced as they read this news. More money to loot.

44 Likes 1 Share

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by CodeTemplar: 9:25am On May 15
What about accountability.

16 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by AqualinaXYZ: 9:32am On May 15
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

92 Likes 6 Shares

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Ofunaofu: 9:33am On May 15
"Widen the tax net and reduce the purchasing power of the people" --Bola A. Tinubu

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Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by SoNature(m): 9:59am On May 15
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

4 Likes 4 Shares

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by givedemwotowoto: 10:00am On May 15
cool
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by StPete: 10:03am On May 15
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Paraman: 10:03am On May 15
Tinubu is on the right path

Tinubu till 2031

4 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by RealTrump: 10:03am On May 15
Tax collector
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by StPete: 10:03am On May 15
fff
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Danjuma04(m): 10:04am On May 15
Tinubu is working

2 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by PisciMan: 10:04am On May 15
Wawu

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Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Dpharisee: 10:04am On May 15
Because they continue to steal the oil

6 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Eriokanmi: 10:05am On May 15
So, the naira should regain strength. Another propaganda loading

2 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Chibuzoc(m): 10:05am On May 15
grin rise am
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by emkz: 10:05am On May 15
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 administrations never defaulted in honouring debt obligations. The revenue drive by the Tinubu administration 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.

44 Likes 2 Shares

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by CooldipoMPS: 10:06am On May 15
shocked
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Hndrrxxx(m): 10:06am On May 15
Zxd

1 Like 1 Share

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by princefunmmy(m): 10:07am On May 15
Na we citizens dey fund politicians Lifestyle now??

Even oil money no reach again.

6 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by illuminutty: 10:07am On May 15
Tinubu is just a tax collector. He does not know economics 101.

12 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by TheDemola: 10:08am On May 15
Well done Tinubu. Keep on suffocating us
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by firearcher: 10:09am On May 15
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 accountable.

6 Likes 1 Share

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Konquest: 10:11am On May 15
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by VeeVeeMyLuv(m): 10:11am On May 15
You are not ashamed to say this

1 Like

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by 89green: 10:11am On May 15
APC urchins don't pay tax
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Nwaokunkpara: 10:12am On May 15
Come 2027 people will still vote APC after all these sufferings
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by id4sho(m): 10:14am On May 15
Chai tongue
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by oluwaseyi0: 10:15am On May 15
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

1 Like

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by grandstar(m): 10:16am On May 15
This is some good news.

Nevertheless, deregulate the prices of petrol and electricity.

In addition, slash company tax to 12.5%.

2 Likes

Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by slivertongue: 10:17am On May 15
that is what Tinubu wants to boast about
Re: Oluwatoyin Madein: Tax Now Highest Revenue Source To Federation by Mexyz(m): 10:17am On May 15
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?

4 Likes

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