FINANCIAL ACCOUNTABILITY AND REVENUE GENERATION IN FEDERAL INLAND REVENUE SERVICE (FIRS)

Tax evasion and avoidance by some taxpayers due to their political affiliation and connections, and bribery are among the challenges affecting enormous yield of revenue generation in Nigeria. Thusly, simplicity, clarity and transparency of financial records on the revenue generation in Federal Inland Revenue Service FIRS are questionable. The objective of this study is to find out the effect of financial accountability on revenue generation in Federal Inland Revenue Service (FIRS). The study adopted Open Innovation theory as its underpinning theory. Sequential mixed method was used as the study research design; data were generated from both primary and secondary sources; descriptive and inferential statistics were employed with the aid of SPSS version 23.0. Finding revealed that accountability has positive and significant effect on revenue generation of FIRS. The statistical analysis indicates a coefficient of 0.406 and a p-value of 0.000. This shows that increase in accountability may positively result to increase in revenue generation of FIRS. Therefore, the study recommends that revenue generated by FIRS should not only be recorded and documented for their consumption but it should be published both online in a bulletin (FIRS quarterly bulletin/yearly bulletin) for academia, and general public consumption. This would enhance the level of the financial accountability, viability, reliability, and to a greater extent reflect on the status of the FIRS.