Tax Forms 70% Of FACC Allocations — Nami

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

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

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.

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.

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

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

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.

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.