FIRS Boss Sets N8tn Revenue Target In 2019

By Ikenga Chronicles January 8, 2019

FIRS Boss Sets N8tn Revenue Target In 2019

The Chairman of the Federal Inland Revenue Service(FIRS) Mr. Tunde Fowler has given the service a target to generate N8tn revenue in 2019.

He therefore called on all taxpayers and other stakeholders to support the drive to make the target achievable.

The Chairman disclosed this at the organisation’s 2019 management and stakeholders’ retreat, with the theme: ‘Parliamentary support for effective taxation of the digital economy,’ in Lagos on Monday.

He said the FIRS set the new target after it collected the country’ s highest annual revenue of N5.32 tn in 2018.

The chairman said, “The parliament is here, the 2019 budget has not yet been approved, but we are here in the corridors of power. The target of the FIRS is in the region of N8tn and with their support and the support of all taxpayers we believe it is achievable.”

Fowler disclosed that prior to 2018 , the highest revenue figure ever attained by the FIRS was N5.07tn, which it generated in 2012.

Fowler said, “While we have been steadily increasing revenue collection over the years, our cost of collection has actually been going down. In 2016, we collected N3.307tn; in 2017,we collected N4.027tn and in 2018, we collected N5.32tn.

“Meanwhile, the cost of collection as a percentage of actual taxes collected has been reducing. In 2016, it was 2.6 per cent. In 2017, it was 2.49 per cent, while in 2018 it was 2.14 per cent.”