The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami said the service has continued to record a significant increase in collectable tax revenue from the non-oil sector of the economy despite the global economic crisis occasioned by the COVID-19 pandemic.
He attributed the increase in non-oil sector receipts to reform measures introduced by the FIRS board and management since inception as well as the renewed vigour in the service workforce.
Speaking when members of the board paid a courtesy call on the Minister of Finance and National Planning, Mrs. Zainab Ahmed, Nami said non-oil tax receipts had consistently contributed between 75 per cent and 90 per cent of total tax revenue in recent months.
He said out of N490 billion collected by the service in July, only N52 billion was from the oil sector as non-oil receipts accounted for the bulk of the revenue.
In a statement issued Thursday by the Director, Communications and Liaison Department, FIRS, Dr. Abdullahi Ismaila Ahmad, the FIRS boss, however, commended the minister for her support to the board since their inauguration earlier in the year and solicited closer working relationship between the service and her ministry.
Ahmed, however, commended the FIRS for working to limit the disruptive impact of COVID-19 on government revenue through proactive and bold reforms and noting that this had made it possible for the three tiers of government to receive their monthly statutory allocations from the federation accounts.
The minister specifically observed that Value Added Tax (VAT) and stamp duties receipts had boosted government revenue despite the pandemic.
She also promised to continue to support the service, urging it to work harder towards diversifying government revenue sources further away from the dependence on oil.
