In 2018, the Federal Inland Revenue Service, FIRS raked in 5.3 trillion naira in taxes for the federal government.

But the Executive Chairman of FIRS, Mr Babatunde Fowler is sure the agency will do far better in 2018.

He said this during a chat with finance journalists on Thursday, January 24th in Abuja.

Fowler said he believes this could happen because the service had embarked on a series of reforms aimed at making it easier for taxpayers to pay their taxes.

The reforms, he said, had started yielding results as the service was able to generate its highest ever tax revenue of 5.3 trillion naira in 2018.

The FIRS boss explained that while huge revenue could be generated from oil, such revenue was unsustainable due to the volatile nature of the crude oil prices.

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Fowler said the government recognised the importance of non-oil revenue to economic development, adding that this was why the service was being positioned to generate adequate revenue for the distribution by the three tiers of government.

“We generated 5.3 trillion naira and the highest before then for the country was 5.07 trillion naira.  But the difference here is that in 2012, the oil revenue tax accounted for 64% while in 2018 oil revenue accounted for 46%.”

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