How FG Plans To Mobilize Domestic Funds Through SRGI, Finance Act

The federal government of Nigeria has said the Strategic Revenue Growth Initiative (SRGI) and the annual Finance Act were meant to mobilise domestic funds necessary for human capital and infrastructure development that are both drivers and enablers of sustainable economic growth and development.

In the Federal Inland Revenue Service (FIRS) 2022 Management Retreat in Lagos, recently, the Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, disclosed that the SRGI was designed to improve government revenue and entrench fiscal prudence with emphasis on achieving value for money.

“In this regard, a total of 47 Strategic Revenue Growth Initiatives were identified across three thematic areas to achieve sustainability in revenue generation, identify new revenue streams and enhance the enforcement of existing ones as well as achieve cohesion in the revenue ecosystem,” he pointed out.

To this end, he said, FIRS, under the SRGI initiative, was saddled with some deliverables which include; improving tax collections, closing legal loopholes, broadening the tax base, expanding and improving VAT, and improving tax compliance, aligning stakeholders on a single purpose, among others.

“These initiatives, we believe, have been largely achieved through the internal reforms you(FIRS) have introduced and the incremental changes to the tax laws via the annual Finance Act. I encourage the Service to fully align its strategies, policies and practices to fully achieve its deliverables under the SRGI,” he added.

Stating that the development of the country is a sacred and civic responsibility of every Nigerian, he added that, every aspect of the country’s national development – security, infrastructure, social services, business-enabled environment, and so on, depends on the national budget and that the ability of the government to provide this itself depends on available revenue.

“The onerous task of generating the required revenue rests squarely on the shoulders of FIRS. I assure you(FIRS) of the government’s unflinching support as you make taxation the mainstay of government’s funding,” he stressed.

Earlier, the executive chairman, FIRS, Mr. Muhammad N. Nami, had said, the 2022 Corporate Retreat of the FIRS was an occasion for the management staff of the service heads of departments and functions to review the successes, set goals and build the needed capacity to achieve them.

“A corporate retreat like this aims at bringing all members of the establishment to sit together, reflect, motivate one another and streamline the individual strengths of members towards shared objectives,” he said.

Stressing that the 2-day retreat will create bridges of communication between the various members of the service present, to discuss, share ideas and develops strategies for the service to achieve its mandate, he noted that, proper communication cannot be overemphasised in the internal management of an organisation.