The Federal Government has charged tax practitioners to work harder to get 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.
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.
The 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 to shore up more revenue for the government to provide infrastructure and other amenities.