Nigeria Generates More Revenue From Non-Oil Tax Sector - FIRS

17 September 2020

The increase, according to the service, is as a result of reform measures introduced by the FIRS Board and Management as well as the renewed vigour in the service' workforce.

Despite the crash in national and global economic activities attributed to the pandemic, the non-oil sector of the Nigerian economy has continued to record a significant increase in collectable tax revenue, the Federal Inland Revenue Service (FIRS) has said.

The increase, according to the service, is as a result of reform measures introduced by the FIRS Board and Management as well as the renewed vigour in the service' workforce.

The Executive Chairman of the service, Muhammad Nami, disclosed this on Tuesday in Abuja during a courtesy call on the Minister of Finance and National Planning, Zainab Ahmed, by the members of the FIRS Board.

According to a statement by the service's spokesperson, Abdullahi Ahmad, the service said the non-oil tax receipts have consistently contributed 75-90 per cent of total tax revenue in recent months.

Mr Nami disclosed that 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.

He commended the minister for her support to the FIRS and its Board since their inauguration earlier in the year and solicited a closer working relationship between the Service and her ministry.

Mrs Ahmed also 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, noting that this had made it possible for the three tiers of government to receive their monthly statutory allocations from the Federation Accounts.

According to the statement, the minister observed that Value Added Tax (VAT) and Stamp Duties receipts have boosted government revenue despite the pandemic.

She pledged to continue to support the Management and Board of the FIRS and tasked the Service to work harder towards diversifying government revenue sources further away from dependence on oil.

More From: Premium Times

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.