Presidential spokesperson, Garba Shehu has revealed why President Muhammadu Buhari failed to renew the appointment of Babatunde Fowler as Chairman of the Federal Inland Revenue Service (FIRS).
According to Shehu, Fowler’s inability to generate enough revenue for the country influenced the Presidents decision.
Shehu said this while addressing State House correspondents at the Presidential Villa in Abuja.
He said the federal government had to effect the change to solve the revenue challenge that the government is currently facing.
Garba said, Nigeria have a revenue problem because the FG is unable to generate as much money as it is needed to do more capital infrastructure and also service debt. Because of the low revenue earnings, the country has a huge debt repayment.
“Government is optimistic that things will look upward and the revenue will improve. And once there is an inflow that is sufficient to do a lot of these things, Nigeria may not need to borrow,” Shehu said.
He however made it clear that the Federal Government is borrowing to carry out essential projects.
“It is not a scandal to borrow, the bad thing about borrowing is when you deployed it to your pocket. This has happened in the past in this country, President Buhari is borrowing to do railway, to do East-West expressway, to do second Niger bridge, to do Mambilla power, to do Abuja-Kano expressway, to do Ajaokuta-Abuja gas pipeline.
“These are projects that are beneficial to the economy, these are basic infrastructure projects – railway, power – without which this country cannot achieve development.”
Fowler’s tenure as FIRS executive chairman expired on December 9 but instead of reappointment, he was replaced by Muhammad Nami.