To reduce government’s dependence on deficit financing and aid the realisation of the National Development Plan (NDP), the Minister of State for Finance Budget and National Planning, Clem Agba, has called on the Federal Inland Revenue Service (FIRS) to rev up revenue mobilisation, especially as oil revenue declines. He gave the charge while declaring open, this year’s Corporate Retreat of the FIRS, in Lagos.

Agba noted that his Ministry, in line with its mandate and Presidential approval, has reached an advanced stage in the development of Nigeria Agenda 2050.

While commending the FIRS for achieving a collection feat in 2021 with its over 100 per cent target and crossing N6.405 trillion tax revenue thresholds for the first time in the history of Nigeria, Agba said the task of improving Nigeria’s tax revenue collection and funding position was urgent and a task that must be done without fail.

In his keynote address at the retreat, with the theme: “Consolidating on the Gains of the FIRS Reforms: 2019 to Date”, the minister observed that financing of the National Development Plan (NDP) would rely heavily on domestic resource mobilisation, especially from non-oil revenue sources.

According to him, the revenue profile of the government has been seriously challenged in the recent past due to multiple factors.

For instance, Agba noted that aggregate investment in exploration declined from $525billion in 2019 to $341b in 2021, while investment in wind, solar and other renewable sources is soaring.

“FIRS has the onerous task of improving Nigeria’s revenue situation. There is a need for everyone to work as a team to achieve the set goals”, he added.

For its part, the Federal Government has put in place the Strategic Revenue Growth Initiative (SRGI) and the annual Finance Act to mobilise domestic funds necessary for human capital and infrastructure development that are both drivers and enablers of sustainable economic growth and development incremental changes to the tax laws via the annual Finance Act.

The Executive Chairman of FIRS, Mohammad M. Nami, said the two-day corporate retreat aimed at bringing all members of the establishment to sit together, reflect, motivate one another and streamline individual strengths of members towards shared objectives.

President of the Chartered Institute of Taxation of Nigeria, Adesina Adedayo, reiterated that taxation remained a sustainable tool for economic development, adding that the system of administration and collection should be improved by leveraging technology.