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FIRS posts N1.5tn revenue in three months, Fowler says

Federal Inland Revenue Service (FIRS)

The Federal Inland Revenue Service, FIRS, generated N1.5 trillion revenue in the first quarter (Q1) of 2019, according to its Chairman, Mr Babatunde Fowler.

Fowler disclosed this to the News Agency of Nigeria (NAN) in New York at the weekend.

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He said the amount included revenue from non-oil taxes that were 11 per cent higher than what the agency realised from that sector in Q1 of 2018.

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

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“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 per cent 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.”

The FIRS boss also spoke of plans by the agency to surpass the over N1 trillion it realised from Valued Added Tax (VAT) in 2018. (NAN)

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