The Executive Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler has disclosed how the agency generated N5 trillion as at the second week of December 2018 since the start of the year.
In a statement released to the public, Fowler was quoted to have said the FIRS was at the verge of making N5.3 trillion at the end of the year.
The N5.3 trillion to be generated as revenue by year-end, according to the agency, will be a record-breaking achievement in the history of the FIRS.
It stated, “If the FIRS pools N5.3tn revenue, that will be the highest revenue ever generated by FIRS in history. The highest in FIRS history is N5.07tn generated in 2012.”
During an induction of new members of the Joint Tax Board in Abuja, Fowler stated that FIRS had been able to record significant achievements following maximum support from the Presidency, Ministry of Finance, the JTB and other taxation stakeholders.
“This year, the FIRS, with the support of the Presidency, Ministry of Finance, the JTB and other stakeholders, had been able to generate up to N5tn. We believe that we should be able to close at least at N5.3tn which should be the highest in the history of the FIRS.
“And we believe that with that additional revenue, the state and federal governments would be able to provide more services and more development to the people of Nigeria.” Fowler was quoted.
According to the statement, Fowler’s generation of N5 trillion was significant as it was at a period when oil prices oscillated between $50 and $70 per barrel.
Oil price was at an average of $100 to $120 per barrel between 2010 and 2013, it added.
About Federal Inland Revenue Service
The FIRS is the only Federal government institution saddled with the primary responsibility of collection and payment of Federal government taxes across Nigeria.