Nigeria can generate N20tr from tax yearly, says JTB
•Only 35% of taxable adults in tax net
Nigeria has the capacity to generate N20 trillion yearly from tax if more taxable Nigerians are brought into the tax net.
The Secretary to the Joint Tax Board (JTB), Obomeghie Nana-Aisha, stated this at an event organised by Government to Citizens Interface (G2C Interface) themed, ‘FIRS, Impacting the Nigerian Economy’.
She also said that only 35 per cent of taxable adults in Nigeria are within the tax net.
Nigeria’s revenue from the tax has increased progressively over the last three years. The Federal Inland Revenue Service (FIRS), the authority vested with the responsibility of collecting taxes for the government, reported that in 2020, it generated N5 trillion, a figure that increased to N7 trillion in 2021.
Last year, it jumped to over N10 trillion which was well above its set target for the year.
“As at today, we have only about 35 per cent of the taxable adults in the tax net. We want to increase that number to 90 per cent or at least 70 per cent. If we can get more taxpayers in the net, we will be able to hit N20 trillion or N30 trillion target,” Nana-Aisha said.
In his contribution at one of the panel sessions, the Coordinating Director of the General Tax Operation Group, at FIRS, Kabir Abba, advised taxpayers to engage with the tax authority and file their tax returns.
He said companies must file their tax returns whether they are paying tax or not.