FIRS boasts of generating N5trn revenue in 50 weeks
The Executive Chairman of Federal Inland Revenue Service (FIRS), Tunde Fowler has declared that the agency has generated N5 trillion in just 50 weeks, and is on its way to cap it up at N5.3 trillion by the end of the year.
He revealed the information while speaking at the induction ceremony of new members of the Joint Tax Board in Abuja. He attributed the success to unwavering support from the ministry of finance, the presidency, an the joint tax board.
“This year, the FIRS, with the support of the Presidency, Ministry of Finance, the JTB and other stakeholders, has been able to generate up to N5 trillion. We believe that we should be able to close at least at N5.3 trillion which should be the highest in the history of FIRS,” he said.
If the projected N0.3 trillion revenue is achieved, it will be the best performance in the history of FIRS. It would comfortably surpass the best record of N5.07 trillion generated in 2012.
Mr Fowler emphasized that this earning streak was achieved despite drawbacks experienced due to dwindling oil prices.
The big question arising from this disclosure is how Nigeria could have these vast amount of money from revenue generation and still resort to borrowing money from China to fund the budget.
Most people have argued that borrowing is inevitable, given that the generated revenue is less than Nigerian budget for 2019 which is N8.6 trillion.
