Prince Clem Agba, Minister of State for Budget and National Planning,has tasked Federal Inland Revenue Service to do more in revenue collection to boost financial profile of the Federal Government.
He spoke at a management retreat organised by the FIRS in Lagos with the theme: “Consolidating on the Gains of the FIRS Reforms: 2019 to Date,”
He said: “The reward for hard work is more work” and like Oliver Twist, Nigerians are asking that “you do more; the government is asking that you do more, and I am asking that you do more.I assure you of the government’s unflinching support as you make taxation the mainstay of government’s funding.”
He commended the service for achieving its revenue target for the year 2021, with over 100% revenue target and crossing N6.405 trillion tax revenue threshold for the first time in the revenue history of the country.
The thrilling aspect of the achievement,he said, lies in the fact that almost 70% of the collection came from non-oil sources,he said.
He thus commended the board, management and staff of the Service for supporting the economic growth initiative of the government, positing that the ability of the Service to bring innovations into tax administration which had boosted government revenues and enhanced ease of doing business in Nigeria was worthy of commendation.
He reminded Nigerians that the development of the country was a sacred and civic responsibility of everyone.
The minister emphasized that every aspect of the national development – security, infrastructure, social services, business-enabled environment, depended on the national budget and the ability of the government to provide these itself depended on available revenue.
“The onerous task of generating the required revenue rests squarely on the shoulders of the FIRS,” he said.
Agba said the revenue profile of the government had been seriously challenged in recent times due to multiple factors.
According to him, “Given that resources are relatively low compared to the huge responsibilities of the government, concerted efforts are required at this juncture to prioritize government expenditure as well as place emphasis on resource mobilization.
“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 mobilisation.
“As the campaign for cleaner energy gains momentum and widespread support, it is resulting in lower new investments in exploration and production activities in the upstream petroleum industry.
“For instance, aggregate investment declined from $525bn in 2019 to $341bn in 2021 while investment in wind, solar and other renewable sources is soaring.”
