FIRS Chairman: 70% Of FAAC Allocation Comes From Taxes

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has said tax generated by the service provides 60 to 70 percent of funds shared monthly by the Federal Account Allocation Committee (FAAC) among the three tiers of government.

Nami said this when he received the management of the National Lottery Regulatory Commission (NLRC) in his office in Abuja yesterday.

The FIRS boss noted that taxes were the primary source of revenue to governments all over the world and as such the FIRS has been generating the bulk of funds distributed by FAAC.

ALSO READ: Polygamy: ‘I Hate It But It’s My Only Option’

The Director-General of NLRC, Mr Lanre Gbajabiamila, expressed readiness to collaborate with the Federal Inland Revenue Service (FIRS) on all areas of mutual interest in fostering increased revenue generation for the Federal Government.

The development came ahead of its planned National Gaming Conference, slated for July 2021.

“Scope of operations has grown, just as the entire industry is witnessing astronomical growth. We seek out sister Federal Government agencies relevant in our actualising our mandate for concrete collaborations,” he said.

He also identified issues of double regulation and double taxation as areas of challenges for the operators of lottery business in Nigeria.

Expressing his appreciation for the visit, Nami said, “We are not taking the visit lightly as it will assist us to meet our target. We are always interested in meeting our critical partners in progress and together we will be able to block all revenue leakages in the country. The visit is very important and appreciated,” he said.

Nami accepted the participation invitation as he committed to sustaining collaborations in other areas with NLRC initiated before his tenure.