Browsing: Tax

It is widely agreed by economic experts that tax revenue, not resource revenue, is the most reliable source from which the country can fund her development aspirations as happens in the world’s most progressive societies. Currently, tax compliance in Nigeria is still meagre. Speaking earlier this month at ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill,’ Mohammed Nami, Chairman of the Federal Inland Revenue Service (FIRS), disclosed that Nigeria has 41 million taxpayers among its 200 million population.

According to the Central Bank of Nigeria (CBN) monthly economic report, the government’s revenue fell below its benchmark, owing to the decline in non-oil receipts, resulting from the lingering effects of the COVID-19 pandemic on business activities and shortfalls in tax revenue.