The Federal Inland Revenue Service, FIRS, says it has recorded significant increase in collectable tax revenue from the non-oil sector of the economy.
Muhammad Nami, the executive chairman, FIRS, on Wednesday, September 16, 2020, disclosed that “out of ₦490 billion collected by the Service in July only ₦52 billion was from the oil sector with the rest coming in through non-oil receipts.”
According to Mr. Nami, “non-oil tax receipts have consistently contributed 75-90 percent of total tax revenue in recent months.”
He attributed the increase in the non-oil sector receipt to “reform measures introduced by the FIRS Board and Management as well as the renewed vigour in the Service workforce.”
Nami made this disclosure in Abuja when he led members of the FIRS board on a courtesy call to the Minister of Finance and National Planning, Mrs. Zainab Ahmed.
Nami commended the minister for her support to the FIRS and its Board since their inauguration earlier in the year and solicited closer working relationship between the Service and her ministry.
The minister of Finance commended the Management and Board of the FIRS for working to limit the disruptive impact of COVID-19 on government revenue through their proactive reforms.
She noted that “this has made it possible for the three tiers of government to receive their monthly statutory allocations from the Federation Accounts”.
According to a statement by Director, Communications and Liaison Department, FIRS, Abdullahi Ismaila Ahmad, the minister observed that Value Added Tax, VAT, and Stamp Duties receipts have boosted government revenue despite the pandemic.
Source: The Nation
