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The Federal Inland Revenue Service (FIRS), has lamented that crude oil, Nigeria’s main source of revenue is no longer sustainable.
The agency maintained taxation remains the only sustainable source of revenue that can grow Nigeria’s economy
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Mamman Nami, the Executive Chairman, Federal Inland Revenue Service (FIRS),disclosed this during the opening session of the 7th IGR Peer Learning Event, with the theme: Setting the Social Minimum through a Tax for Service Programme, described the omission as surprising.
Nami noted that market for fossil fuel continues to depletes due to complications arising from the impact of the COVID-19 pandemic, the shift from fossil fuel to other cleaner sources of energy, rising cost of exploration, banditry and oil theft, among others.
He lamented that twenty two years since Nigeria started democratic dispensation, none of the nation’s legislative assemblies has a tax committee, adding that the omission was surprising.
He said:”Your excellences need to adopt right tax policies that will ensure adequate funding for the much needed social-economic infrastructures. Equally, it is important for governments, at all levels, to come together to fight tax evasion, touting, etc. which are negatively impacting tax revenue.
“Your excellences and Honourable Ministers, 22years since Nigeria started this democratic dispensation, none of our legisiative assemblies has a tax committee; it is surprising. We must see taxation in its proper context such that all arms of government (legislative, executive and judiciary) should accord it due attention”.
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