Babatunde Fowler, the chairman of the Federal Inland Revenue Service, FIRS, has said it generated N1.5 trillion revenue in the first quarter (Q1).

Mr. Fowler made the announcement while speaking with the News Agency of Nigeria (NAN) in New York at the weekend.

He said: “In the first quarter (of 2019), what I will say is that in the non-oil sector, we generated 11 percent higher than what we generated in 2018.

“Basically, we have generated about N1.5 trillion,” Fowler told NAN on the sidelines of a high-level meeting on illicit financial flows hosted by the United Nations General Assembly.

NAN reports that the Q1 figure also represents 18.7 percent of the agency’s total revenue target of N8 trillion for 2019. Fowler said the target, described by economy watchers as quite ambitious, was realistic with the cooperation of tax payers, among other factors. 

He said, “It is quite realistic as long as we have the cooperation of tax payers in addition to deployment of technology. 

“We have already started the enforcement of over 50,000 accounts that have banking turnover of 100 billion and above that have not filed their returns.” 

Fowler also spoke of plans by the agency to surpass the over N1 trillion it realized from Valued Added Tax (VAT) in 2018.

You may also like

Read Next

Trending Now