Non-oil sector contribution to total tax revenue rising — FIRS

Thu, Sep 17, 2020

By editor

2 MIN READ

THE Federal Inland Revenue Service (FIRS) says non-oil tax receipts have consistently contributed 75 to 90 percent of total tax revenue in recent months.

Mr Abdullahi Ahmad, the FIRS Director, Communications and Liaison Department made this known in a statement in Abuja on Thursday.

Ahmad quoted the Executive Chairman of the service, Mr Muhammad Nami, as disclosing this during a courtesy call on the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, by the members of the FIRS Board.

Nami explained that in spite the national and global economic upheaval caused by the COVID-19 pandemic, the service had continued to record significant increase in collectable tax revenue from the non-oil sector of the economy.

According to him, out of N490 billion collected by the service in July, only N52 billion was from the oil sector, with the rest coming in through non-oil receipts.

The FIRS boss 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 commended the minister for her support to the service and its Board since their inauguration earlier in the year, and solicited closer working relationship between the FIRS and her ministry.

Ahmed is quoted in the statement as commending 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 said that this had made it possible for the three tiers of government to receive their monthly statutory allocations from the Federation Account.

According to her, the Value Added Tax (VAT) and Stamp Duties receipts have boosted government revenue in spite the pandemic.

The minister pledged to continue to support the Management and Board of FIRS, and urged the service to work harder toward diversifying government revenue sources further away from dependence on oil. (NAN)

– Sept. 17, 2020 @ 15:05 GMT |