Fund Managers

FIRS Nets N438bn Non-oil Tax in July

The Executive Chairman, the Federal Inland Revenue Service, FIRS, Muhammad Nami, has disclosed that the service has generated about N490 billion revenue in the month of July.

A statement on Thursday by the FIRS spokesman, Abdullahi Ismaila-Ahmad, quoted Mr Nami as making the disclosure during a courtesy call on the Minister of Finance and National Planning, Zainab Ahmed, in Abuja.

According to the FIRS Boss, out of the said amount, only N52billion was from the oil sector with the rest coming in through non-oil receipts.

Mr Nami attributed the increase in the non-oil sector receipt to reforms introduced by the FIRS as well as the renewed vigour in the Service workforce, adding that the sector has “consistently contributed 70-80 per cent of total tax revenue in recent months”.

He, therefore, 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.

In her remarks, 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”.

She noted 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.


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