Federal Government Targets Revenue Leakages via TIN Mandate

The Federal Government implemented measures to halt revenue leakages from Ministries, Departments, and Agencies after identifying N100 billion in tax shortfalls by contractors between 2012 and 2017.

Analysts noted this action would strengthen tax compliance and ensure service providers remit appropriate taxes.

Cowry Asset Management’s Johnson Chukwu stated the policy would increase federal tax revenue and improve the government’s capacity for public works projects.

Adeosun revealed persistent revenue remittance gaps were uncovered through the Government’s Project Lighthouse system, which tracks tax payments.

She attributed the leakages to insufficient Tax Identification Numbers for Value Added Tax, Withholding Tax, and other government revenue streams.

The Minister directed all MDAs to require vendors to include TINs on invoices to address budget implementation lapses and boost government revenue.