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N4.03tn generated by FIRS from tax in 2017, 720bn more than in 2016- Fowler

The Federal Inland Revenue Service (FIRS) said it collected a total of N4.03tn in the 2017 fiscal period.

The collection of N4.03tn according to a statement issued by the agency represents 82.38 per cent of government target of N4.89tn for the year, but was however N720 billion more than the 2016 total collection figure of N3.3tn.

A careful reading of the collection performance indicates that taxes from non-oil sources accounted for 63 per cent, while oil tax accounted for 38 per cent of the total collection.

Stamp Duty recorded the most increase in performance with 94 per cent during the 2017 fiscal period.

The Executive Chairman, FIRS, Tunde Fowler, reportedly disclosed the collection figures in Lagos at the palace of the Oba of Lagos, Rilwan Akiolu.

The statement Fowler as saying, “With the support of the National Assembly, your support and that of other stakeholders, FIRS was able to collect over N4tn in 2017.

“This is an increase of over 20 per cent relative to our collection in 2016. We are hopeful that going forward, FIRS will be able to fund this country through taxation.”

He added “We all recall that beginning from the second half of 2014, there has been a sustained decline in the global prices of oil.

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“Oil revenue generated by FIRS in 2014 – N2.45tn; oil revenue generated in 2015 – N1.29tn; FIRS oil revenue generated in 2016 – N1.16tn; FIRS oil revenue generated in 2017 – N1.52tn

“This trend has had adverse effect on the ability of oil dependent countries to meet their development objectives.”

He said the decline in receipts from oil revenue and the resultant decline in accruals to states from the federation account had placed many states in a financial stress to the point where basic obligations such as the payment of employee wages had become a recurring challenge.

“This is not the first time Nigeria will experience economic slow-down as a result of fluctuations in global oil prices.

“This retreat, and what it hopes to achieve is part of efforts to ensure that we act differently this time around by looking beyond oil as the mainstay of our economy.

“By putting our hands together in contribution to our set goal, I am confident that we will surpass our past results and we’ll be well on our way to the future we hope to achieve,” he said.

 

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