The Federal Inland Revenue Service (FIRS) Friday disclosed that a total sum of 4.3 trillion was generated as its revenue from January to October, 2018.
The Executive Chairman FIRS, Mr.Babatunde Fowler stated this during the FIRS’ special day at the Lagos International Trade Fair.
According to him, the increase in revenue collection by the Agency was made possible through the efforts of President Muhammad Buhari’s administration’s policy of expanding the nation’s tax base and blocking of revenue leakages, adding that the agency has the potential to meeting its assigned target by the end of the year.
Representing Fowler at the Fair, the head, federal engagement and enlightenment tax teams, South West Zone, Mrs Angel Fadahunsi said, “On our part, we are working hard to ensure that the FIRS is in full alignment with all efforts to grow national revenue from taxation while easing the administrative burdens inherent in it.”
“We have focused our attention on businesses with over a billion naira in annual turnover but no record of commensurate payment of their tax obligations; approximately 6000 plus of such companies have been identified and contacted by the Service leveraging on various data sources; we will continue to focus on recovering all such revenues due to the Federal Government and the people of Nigeria. We encourage the business community and all well-meaning citizens to continue to partner with us to ensure that defaulters are traced and face the consequences while compliant businesses receive all the support they require,” the tax boss said.