improvement in public finance management as a result of appropriate legislation, fiscal and monetary policies (e.g. the Fiscal Responsibility Act, and the Public Procurement Act, etc). Some successes in the fight against corruption, and transparency in governance have contributed to improvement in the country’s sovereign rating and increased government spending on infrastructural development. Diversification of Sources of Revenue 4.3.5 Governments at the three tiers still rely, to a large extent, on the oil revenue. As part of the efforts by the Federal Government to diversify the sources of revenue, the Federal Inland Revenue Service has undertaken a number of reforms in the tax system. These include the adoption of a new tax policy, review of tax laws, widening of the tax net, modernization of operations, education and enlightenment of tax payers and registration of taxable persons. 4.3.6 Arising from these aggressive reforms, revenue from taxes has been on the increase. Table 3.0 shows the annual revenue growth from 2008 – 2010. 3.0 Percentage Annual Revenue Growth (2008 – 2010). Tax Type FG Targets Actual Collection Growth (%) 2008 2009 2010 2008 2009 2010 (N’B) (N’B) (N’B) (N’B) (N’B) (N’B) 1,536 639 1,203 2,061 939 1,480 -54.42 57.58 Non Oil Taxes 738 1,270 1,304 911 1,257 1,359 37.95 Total 1,909 2,507 2,972 2,196 2,839 -26.10 29.27 Oil Taxes 2,274 Sources: Federal Inland Revenue Service Report to NEPAD 58 2009 2010 8.11