Economy

FIRS rakes in N4.9trn out of N5.076trn target set by FG

The Federal Inland Revenue Service (FIRS) has raked in  N4,952,243,711,728.37 as total tax revenue in the year 2020

The tax revenue represents 98% of the national tax target of N5.076 trillion set for the FIRS by the Federal Government.

The disclosure was made by  the Executive Chairman of the Federal Inland Revenue Service, Mr. Muhammad Nami during a press conference.

He added that FIRS acheved this feat despite the debilitating effect of covid-19 and other low price of crude oil in the international market;

He noted that .the success achieved in 2020 was due to series of result-oriented reforms embarked upon by the the Board and Management of the Service under him..

Mr. Nami lauded “the conscientious taxpayers in the country and dedicated members of staff of the FIRS nationwide for their support and devotion to work which made this performance possible despite the numerous obstacles encountered by the Service in 2020”.

The Executive Chairman added: “The FIRS is optimistic this current fiscal year 2021 will be better than 2020. We shall perform exceedingly well given that our Service reforms are expected to yield greater dividends, especially as different parts of tax administration are being automated. We are also optimistic that exploration activities will improve in the oil sector and increase the prospect of higher tax revenue from the sector. Similarly, the ongoing reforms by the Service together with increased stakeholder collaborations will brighten the prospect of improved voluntary compliance and consequently higher tax revenue generation for the country this year and beyond

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