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Nigerian agency generates over $13bn from taxes in 2017

January 23, 2018 17:32·
The Federal Inland Revenue Service collected a total of N4.03 trillion in 2017 representing 82.38% of government set target of N4.89 trillion

The Federal Inland Revenue Service collected a total of N4.03 trillion in 2017 representing 82.38% of government set target of N4.89 trillion

Mr. Fowler said this at the FIRS 2018 Management and Stakeholders in Lagos with theme, "Optimizing Tax Administration with Parliamentary Synergy".

This was disclosed yesterday by the FIRS Chairman, Mr. Babatunde Fowler, during a visit of the members of the Senate and House of Representatives Finance Committees who are holding a retreat in Lagos to the palace of the Oba of Lagos, Oba Rilwan Babatunde Akiolu.

"If the way forward requires a review of existing legal framework or legislative reform, there is no doubt in my mind that we have willing and able partners in National Assembly, FIRS Board and the Joint Tax Board".

Nigeria's Federal Inland Revenue Service (FIRS) has said that it collected a total of N4.03 trillion (about $13.213bn) in 2017.The figure, according to the FIRS, represents 82.38 percent of government's target of N4.89 trillion for 2017.

The revenue of N4.03tn, is however, N720bn more than the 2016 total collection figure of N3.3tn.

The FIRS chairman said the aforementioned sum generated by the service is an indication that Nigeria can depend less on oil revenue, which has dipped since 2014. He also called on members of the Finance Committee to do the same.

In his welcome address, Fowler said actual revenue collection for 2015 stood at N3.7 trillion, with N2.4 trillion coming from non-oil receipts.

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"Therefore, there can not be any serious discussion on diversification of the nation's revenue generation without reviewing the country's tax regime for optimal performance".

"In addition to the traditional objective of reviewing past performance and setting targets for the future, we intend to discuss strategies for enhancing collaboration between FIRS and its critical stakeholders; particularly the National Assembly with the view of explaining details of our operations and ultimately to improve overall organizational performance to achieve 2018's target in excess of N5 trillion yet to be approved by the distinguished members of the National Assembly". "I want to assure you that the National Assembly, especially the House of Representative will provide support to ensure your mandate as provided by the FIRS establishment act is achieved", Ibrahim stated.

"We have always been supporting the agency and we are still going to give more support, because for us in the palace, we have paid about N350 million as tax to the agency within the last seven years", he said.

"It is clear that taxation is the most sustainable of all government revenue sources and efforts must be made to grow the tax base for government to have enough resources to carry out its basic functions".

Recalling his time as Chairman LIRS, Fowler said Oba Akiolu was a pillar of support for the Lagos State Government's efforts to generate taxes.

He said the 2018 retreat is aimed at acting differently and looking beyond the oil and gas sector as the mainstay to government revenue generation.

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