BEVERLY HILLS, September 17, (THEWILL) – The Federal Inland Revenue Service (FIRS) has revealed that it recorded a massive increase in collectable tax revenue from the non-oil sector of the economy in July 2020.
This was revealed by the Executive Chairman, FIRS, Mr. Muhammad Nami, who 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.”
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.
According to him, “non-oil tax receipts have consistently contributed 75-90 per cent 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 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.
ALSO READ: FIRS Unveils Reporting Portal For Financial Institutions
On her part, 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.
About the Author
