At the 26th Annual Tax Conference in Abuja, the Federal Government called on tax practitioners as he urges them to boost revenue efforts. Oluwatoyin Madein emphasized tax revenue’s role as the primary income source for the federation. She underscored the importance of tax collection for funding government activities. This directive aimed to address fiscal challenges and ensure sustainable economic growth.
During Federation Account Allocation Committee meetings, Madein stressed tax revenue’s importance, with FIRS providing vital monthly figures. FIRS surpassed 2023 revenue target by N816 billion, highlighting tax collection’s significance. Total revenue for the year amounted to N12.37 trillion, funding various government activities. Madein urged redoubling efforts to enhance tax revenue for sustainable economic growth.
At the conference, Madein urged tax practitioners to redouble their efforts in tax collection to enhance government revenue. Additionally, she highlighted the pivotal role of taxation in funding infrastructure projects and delivering essential services. Moreover, recognizing the critical link between taxation and national development, Madein underscored the need for a proactive approach in revenue generation.
As President/Chairman of Council at CITN, Samuel Agbeluyi voiced concerns over fuel and electricity subsidy withdrawal. Additionally, he acknowledged its adverse effects on citizens’ purchasing power. Furthermore, Agbeluyi praised President Bola Tinubu’s decision to suspend the cybersecurity levy’s implementation, recognizing its potential negative consequences on citizens. Expressing apprehensions about subsidy withdrawal, Agbeluyi appreciated Tinubu’s cautious approach to the cybersecurity levy.
Agbeluyi emphasized the importance of utilizing tax revenue judiciously to build trust between the government and taxpayers. Additionally, he stressed professionalism in taxation for economic sustainability. Moreover, he urged active government participation in fostering tax compliance. His remarks underscored the necessity of collaborative efforts for a sustainable tax culture, which is vital for Nigeria’s development goals. Furthermore, Agbeluyi’s call highlighted the importance of accountability in tax matters, advocating for long-term economic growth through taxation. The collaborative approach is essential to build trust between taxpayers and government. This trust is crucial for effective tax compliance. In conclusion, Agbeluyi’s message underscores the need for unified action. This action will ensure Nigeria’s economic prosperity through responsible tax practices.
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