By Joyce Remi-Babayeju
Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, has commended the Federal Inland Revenue Service (FIRS) feat on a 100% in revenue collection in 2021.
Agba said the revenue profile of the government had been seriously challenged in recent times due to multiple factors.
Agba gave this commendation on Thursday in Lagos at a management retreat organized by the FIRS with the theme: “Consolidating on the Gains of the FIRS Reforms: 2019 to Date”.
Agba praised the service for achieving its revenue target for the year 2021, with over 100% revenue target and for crossing N6.405 trillion tax revenue threshold for the first time in the revenue history of the country, noting that the achievement is due to the fact that almost 70% of the collection came from non-oil sources.
The minister also commended the Service for supporting the economic growth initiative of the government through innovations into tax administration which had boosted government revenues and enhanced ease of doing business in Nigeria.
Agba noted that every sub sector of the national development such as security, infrastructure, social services, business-enabled environment, depends on the national budget and the ability of the government to provide these itself depended on available revenue.
” In this context the task of improving Nigeria’s tax revenue collection and funding position is urgent and it is a task that must be done without fail.”
“Recent happenings in the global economy is compelling nations to shift from dependence on resource wealth, particularly hydrocarbons to more innovative sources for revenue mobilization, he said.
Agba also assured Nigerians that the federal government had put in place the Strategic Revenue Growth Initiative (SRGI) and the annual Finance Act to mobilize domestic funds necessary for human capital and infrastructure development as drivers and enablers of sustainable economic growth and development.
The minister noted that within the SRGI initiative, FIRS was saddled with some deliverables which include (i) Improving Tax Collections, (ii) Closing Legal Loopholes, (iii) Broadening the Tax Base, (iv) Expanding and Improving VAT, (v) Improving Tax Compliance, (vi) Aligning Stakeholders on a Single Purpose, etc.
According to him, the Plan seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment and improve on social indicators and living conditions of the people.
“Specifically, the Plan aims to generate 21 million full-time jobs and lift about 35 million people out of poverty by 2025 thus setting the stage for achieving the president’s commitment of lifting 100 million Nigerians out of poverty in 10 years.”
Agba expressed believed that the country could achieve these targets through an inclusive economic growth and development; leveraging its young workforce, enhancing implementation capacity at national and subnational levels and sustaining the growth of MSMEs.
Meanwhile he emphasized that the financing of the NDP is dependent heavily on domestic resource mobilization, especially from non-oil revenue sources.
He reminded Nigerians that the development of the country was a sacred and civic responsibility of everyone.
Like Oliver Twist, Nigerians were asking that “you do more; the government is asking that you do more, and I am asking that you do more,” adding “I assure you of the government’s unflinching support as you make taxation the mainstay of government’s funding, Agba said.
