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.

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________ [Register Now] ILA Nigeria Branch Marks 10 Years With Infrastructure Financing As Theme For 7th Annual Conference The International Law Association - Nigeria Branch 7th annual conference on public-private partnerships for sustainable infrastructure financing, April 4-5 in Abuja. Details: https://ilanigeria.org.ng/conference _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.