The Federal Inland Revenue Service (FIRS) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have inaugurated a joint technical committee to strengthen tax revenue monitoring and boost fiscal sustainability across Nigeria’s three tiers of government.
The inauguration took place on Tuesday at the FIRS headquarters in Abuja, according to a statement issued on Thursday by the Technical Assistant on Media to the FIRS Chairman, Sikiru Akinola.
RMAFC’s Inland Revenue Monitoring Committee Chairman, Bimbo Kolade, highlighted the crucial role FIRS plays in ensuring steady revenue flows.
Kolade noted that federal, state and local governments can make projections and execute projects as a result of steady revenue, which comes mainly from tax revenue collected by FIRS and shared monthly at the Federation Allocation Account Committee meeting.
He noted that in 2024, FIRS tax revenue accounted for about 65 per cent of the total funds shared among the three tiers of government, cementing tax as the pivotal source of revenue, overtaking crude oil sales by the Nigerian National Petroleum Corporation.
