Oluwatoyin Madein, the Accountant General of the Federation (AGF), announced that tax revenue has become Nigeria’s most significant source of income. Speaking at the 26th annual tax conference in Abuja, themed “Sustainable Tax Culture and Economic Roadmap for Nation Building,” organized by the Chartered Institute of Taxation of Nigeria (CITN), Madein emphasized the critical role taxes play in the nation’s economy.
Madein highlighted that due to the substantial revenue generated from taxes, members of the Federation Account Allocation Committee (FAAC) eagerly await the monthly figures from the Federal Inland Revenue Service (FIRS). These funds are vital for distribution among the three tiers of government.
“The office of the accountant-general is committed to fostering a sustainable tax culture to ensure a continuous and improved revenue flow,” she stated.
She urged tax practitioners to intensify their efforts in tax collection to boost government revenue, which is essential for funding infrastructure and public services. “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,” Madein said.
Emphasizing the importance of tax revenue, she added, “At FAAC, we eagerly look forward to the tax numbers because, at the moment, revenue from non-oil sources has been a substantial income stream for the federation. To tax practitioners, you are doing well, but we need more effort to meet the infrastructure and public service needs of our citizens. Only through adequate funding can we achieve these goals.”
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