ADVERTISEMENT

Tax agency sets N4.9tn revenue target to fund budget

There is a huge amount of seriousness in the way government agencies have conducted themselves under the Buhari government

FIRS boss, Babatunde Fowler

The Federal Inland Revenue Service (FIRS) has stated its ambition to generate N4.9tn to be used to fund the Federal Government’s budget of the 2016 fiscal period.

He mentioned this at the opening session of the organisation’s 2016 open strategy retreat held in Abuja.

The retreat, attended by FIRS directors and partners, had the theme ‘Optimising non-oil tax revenue collection through compliance and enforcement’.

The chairman said the service would adopt innovative ways to achieve its target, noting that more attention would be given to improving non-oil revenue through effective compliance and enforcement activities.

ADVERTISEMENT

According to him, N2tn or 40.35 per cent of the total would be generated from Value Added Tax.

Fowler said, “In 2016, we do not have the luxury of not meeting our targets, especially as the government is looking to non-oil taxes to bridge the revenue gap. In this regard, we have proposed a revenue target of N4.957tn for 2016. This target is largely dependent on non-oil collections and in particular, VAT will account for N2tn and CIT is expected to account for N1.87tn".

There is a huge amount of seriousness in the way government agencies have conducted themselves under the Buhari government which seems to be built on the idea of productivity.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

BEDC management denies rumours of dissolution, increases revenue

BEDC management denies rumours of dissolution, increases revenue

Federal Govt set to sue Binance ltd, officials for tax evasion on April 4

Federal Govt set to sue Binance ltd, officials for tax evasion on April 4

What Nigerian law says about treatment of people with disabilities

What Nigerian law says about treatment of people with disabilities

Gambling investment is evil, will take away everything - Cleric warns youths

Gambling investment is evil, will take away everything - Cleric warns youths

All teachers need to learn digital skills to earn their students’ respect

All teachers need to learn digital skills to earn their students’ respect

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Over 100 inmates in Kano seek mercy, review of death sentences

Over 100 inmates in Kano seek mercy, review of death sentences

FG shuts KFC outlet that 'humiliated' Gbenga Daniel's wheelchair-bound son

FG shuts KFC outlet that 'humiliated' Gbenga Daniel's wheelchair-bound son

Reps vow to retrieve sold Govt helicopters, summon aviation ministers

Reps vow to retrieve sold Govt helicopters, summon aviation ministers

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT