2017 Revenue Target: FIRS Hits 79.35% In 10 Months

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Executive Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, disclosed on Monday in Abuja, that FIRS has generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.

He disclosed this in an interactive session for review of 2018–2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organised by House of Representatives Committee on Finance and Appropriations.

The FIRS boss who briefed the joint committees on key strategies for achieving the objectives of the 2018 budget, said FIRS justification for 2018-2020 Revenue frameworks was based on Federal Government Economic Recovery and Growth Plan (ERGP).

He said FIRS deployed technology to ramp up more revenue for the nation, especially as its tax assessment between 2013 and 2015 revealed N1 trillion was raised and collection from tax audit exercise stood at about N36.59 billion.

The chief tax officer of the country said the exercise had already yielded over N3.7 billion in collection of taxes into Federal Government coffers.

This, he said was a pointer of its ability to meet FIRS assumptions for the 2018 – 2020 M-TEF expectations.

These successes, he noted, were as a result of various measures adopted by the service to ensure increased collections of Federal Government dues in corporate and individual taxes.

He added that the measure would continue to be relevant in achieving better collections in 2018.

While listing the measures that brought about the successes, Fowler said the new modalities structured for optimal access of accruable dues from Voluntary Assets and Income Declaration Scheme yielded over 54 million dollars (N16.73 billion) and N207.41 million), totalling about N16.93 billion at the federal level only.

He said, FIRS has so far collected over N6.33 billion and 4.62 million dollars (over N1.4 billion), totalling over N7.74 billion. This drive is continuous and will be unrelenting going forward.