Over N4.012trn generated by FIRS in nine months – Fowler

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Between January and September 2019, the Federal Inland Revenue Service, FIRS collected N4.012 trillion from companies and individuals, Executive Chairman of the Sevice,  Tunde Fowler confirmed.

Fowler announced this when he appeared before the Senate Committee on Appropriations on Thursday.

He says the amount is N77.89 billion above the N3.941 trillion collected within the same period in 2018.

The amount represents 60.77 per cent of FIRS’ N8.8 trillion target for this year.

Full-year tax revenue collection in 2018 was N5.320 trillion, which represents 78.86 per cent collection performance for the period.

Fowler said: “Our budget for 2019 was raised by N2.02 trillion, representing 30.4 per cent increase over the 2018 budget i.e. N6.747 trillion in 2018 to N8.8 trillion in 2019.

“Our total tax collection to date represents 78.2 per cent achievement of the corresponding budget of 2018. Based on the collection, we expect the total collection to equal N5.4 trillion by the end of 2019.

“Our drive towards developing more sustainable sources of tax revenue by shifting the focus from oil revenue to non-oil is also yielding positive results.

“Non-oil revenue collection for January to September 2019 stands at N2.423 trillion, representing 72 per cent achievement of the non-oil target for the period.

“Oil revenue collection of N1.588 trillion represents 49 per cent achievement to target for the period.

“The total collection contribution in 2019 shows a percentage ratio of 61 per cent for non-oil revenue to 39 per cent for oil revenue.

“Non-oil collection for January to September 2019 grew by 13 per cent over the non-oil collection for the corresponding period in 2018.”

Fowler listed strategies being implemented towards attaining the N8.8 Trillion target to include;  Information and Communication Technology (ICT) Initiatives, compliance and enforcement initiatives, international tax initiatives, tax amnesty programme and expansion of taxpayer database, among others.




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