DESPITE the national and global economic downturn caused by the COVID-19 pandemic, the Federal Inland Revenue Service says it has continued to record significant increase in collectable tax revenue from the non-oil sector of the economy.
The Service generated and paid N490bn from tax receipts into the Federation Account in July alone, mainly from the non-oil sector.
The Executive Chairman, FIRS, Muhammad Nami, disclosed this in Abuja during a courtesy call on the Minister of Finance and National Planning, Zainab Ahmed, by the members of the FIRS Board.
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.
According to him, non-oil tax receipts have consistently contributed 75-90 per cent of total tax revenue in recent months.
For instance, he disclosed that out of the N490bn collected by the Service in July, only N52bn was from the oil sector, with the rest coming in through non-oil receipts.
Nami commended the minister for her support to the FIRS and its Board since their inauguration earlier in the year and solicited a closer working relationship between the Service and her ministry.
The Point had reported that the FIRS disclosed in June that tax revenue contributed N500bn to the N696bn shared by the three tiers of government in that month.
Attesting to the chairman’s disclosure, the minister commended the Management and Board of 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.
According to a statement by the Director, Communications and Liaison Department, FIRS, Abdullahi Ismaila Ahmad, the minister observed that Value Added Tax and Stamp Duties receipts had boosted government revenue despite the pandemic.
Ahmed pledged to continue to support the Management and Board of FIRS and tasked the Service to work harder towards diversifying government revenue sources further away from dependence on oil.
