FIRS Set To Break Its Own Record, Generates 5 Trillion Under 1 Year
The Federal Inland Revenue Service is reaping the fruit of its aggressive tax compliance campaigns.
In less than a year, the tax agency made more revenue than it ever did in a single year. FIRS boss, Tunde Fowler, put the figure generated at 5 trillion naira at the timeline it generated it at 50 weeks of 2018.
The agency, he added, is at the verge of making 5.3 trillion naira at the end of the year.
If the FIRS pools 5.3 trillion-naira revenue, that will be the highest revenue ever generated by FIRS in history.
The current highest in FIRS history is 5.07 trillion naira generated in 2012.
Fowler’s generation of 5 trillion naira is significant as it was at a period when oil prices oscillated between $50 and $70 per barrel, considering that they were at an average of $100 to $120 per barrel between 2010 and 2013.
Speaking at the induction of new members of the Joint Tax Board (JTB) on Wednesday in Abuja, Fowler said FIRS has 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, has been able to generate up to 5 trillion naira. We believe that we should be able to close at least at 5.3 trillion naira which should be the highest in the history of FIRS,” he said.
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