Despite the national and global economic upheaval caused by the COVID-19 pandemic, the Federal Inland Revenue Service (FIRS) has said the non-oil tax receipts have consistently contributed 75-90 per cent of total tax revenue in recent months due strategic reforms.
Muhammad Nami, Executive Chairman, FIRS, who disclosed during a courtesy call on Mrs. Zainab Ahmed, the Minister of Finance and National Planning, by the members of the FIRS Board in Abuja, noted that FIRS has continued to record significant increase in collectable tax revenue from the non-oil sector of the economy.
Nami attributed the increase in the non-oil sector receipt to reform measures introduced by the FIRS Board and Management as well as the renewed vigour in the Service workforce.
“Non-oil tax receipts have consistently contributed 75-90 per cent of total tax revenue in recent months,” he said.
Nami disclosed that out of N490 billion collected by the Service in July only N52 billion was from the oil sector with the rest coming in through non-oil receipts.
The FIRS boss commended the minister for her support to the FIRS and its Board since their inauguration earlier in the year and solicited closer working relationship between the Service and her ministry.
Attesting to Nami’s disclosure, Zainab Ahmed, the minister commended the Management and Board of the FIRS for working to limit the disruptive impact of COVID-19 on government revenue through their proactive reforms, noting that this had made it possible for the three tiers of government to receive their monthly statutory allocations from the Federation Accounts.
The minister observed that Value Added Tax (VAT) and Stamp Duties receipts have boosted government revenue despite the pandemic.
Mrs. Ahmed pledged to continue to support the Management and Board of the FIRS and tasked the Service to work harder towards diversifying government revenue sources further away from dependence on oil.