FIRS Boosts Non-oil Revenue with Tax Reforms

Malik Yahya/

Despite the global economic downturn caused by the COVID-19 pandemic, the Federal Inland Revenue Service (FIRS) has continued to record significant increase in collectable tax revenue from the non-oil sector of the Nigerian economy.

Executive Chairman of FIRS, Mr. Muhammad Nami, disclosed this on Tuesday in Abuja when he led the board of the agency on a visit to the Minister of Finance and National Planning, Mrs. Zainab Ahmed.

A statement yesterday by Abdullahi Ahmad, Director, Communications and Liaison Department of FIRS, says Nami attributed the increase in the non-oil sector receipt to reforms introduced by the FIRS Board and Management.

According to Nami, non-oil tax receipts have consistently contributed 75 to 90 per cent of total tax revenue in recent months.

The FIRS boss said that out of N490 billion collected by the Service in July, only N52 billion was from the oil sector with the rest coming from non-oil receipts.

Nami commended the minister for her support to the FIRS and its board, and also solicited closer working relationship between the Service and the finance ministry.

Attesting to Nami’s disclosure, the minister 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.

The minister also observed that Value Added Tax (VAT) and Stamp Duties receipts have boosted government revenue despite the pandemic.

She pledged her continued support to the FIRS and tasked the Service to work harder towards diversifying government revenue sources farther away from oil.

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