FIRS Will Surpass N5.3tn 2018 Revenue — Fowler

FIRS
  • FIRS Will Surpass N5.3tn 2018 Revenue — Fowler

The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, has said that the service will this year surpass the N5.3tn revenue generated in the 2018 period.

He said this during a chat with finance journalists on Thursday in Abuja.

Fowler said that the service had embarked on a series of reforms aimed at making it easier for taxpayers to pay their taxes.

He said the reforms had started yielding results as the service was able to generate its highest ever tax revenue of N5.3tn in 2018.

The FIRS boss explained that while huge revenue could be generated from oil, such revenue was unsustainable due to the volatile nature of the crude oil prices.

Fowler said the government recognised the importance of non-oil revenue to economic development, adding that this was why the service was being positioned to generate adequate revenue for the distribution by the three tiers of government.

He said, “We recorded some improvements last year as well made the sum of N5.3tn which is the highest in the history of the service.

“But it’s not about that but on what it can do. Many people believed that if we are generating so much money, then the Federal Government budget has no problem being funded.

“But they tend to forget that what we generated is shared between the three tiers of government.

“We generated N5.3tn and the highest before then for the country was N5.07tn. But the difference here is that in 2012, the oil revenue tax accounted for 64 per cent while in 2018 oil revenue accounted for 46 per cent.”

He said as a result of the dwindling oil revenue, the FIRS was working hard in ensuring taxes were collected and remitted for the benefits of the nation and all the three tiers of the government by targeting non-oil revenue.

In carrying out its mandate within the dynamic economic environment, the FIRS boss said the service had adopted initiatives to ensure a robust tax administration that was beneficial for all stakeholders.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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