FIRS targets N8.5trn revenue in 2020 (Read Full Details)

Federal Inland Revenue Service (FIRS) has disclosed that it is targeting N8.5 trillion revenue for the country in the year 2020.

It was however added by the Executive Chairman of FIRS, Mr Muhammad Nami, who disclosed this at the 2020 Corporate Plan Retreat in Abuja on Friday.

It was added by Nami that the 2020 target was slightly lower than the 2019 target by about N300 billion.

However, he explained that the N8.5 trillion target was broken down into an oil tax target of N3.698 trillion and a non-oil tax target of N4.8 trillion. Moreover he disclosed that he was assessing the service’s performance in the recent past, one could look at the 2020 target as ambitious but it was achievable.

The FIRS boss assured that the target was achievable and realisable especially with the ongoing reforms and business process re-engineering that was currently taking place in the service.

According to him, these reforms are aimed at improving both filing and payment compliance, re-activation of dormant taxpayers through aggressive intelligence gathering and information sharing and blocking of leakages.

In 2019, the FIRS achieved total tax revenue collection of N5.263 trillion against a target of N8.802 trillion which translated to about 60 per cent target achievement for the year.

“The performance was slightly lower than the 2018 collection of N5.32 trillion by N57 billion. Oil tax collection for the year was N2.111 trillion which was 49 per cent achievement of its annual target of N4.301 trillion and accounted for 40 per cent contribution to the total collection.

However, the non-oil tax collection for the year was about N3.152 trillion which was 70% achievements of the annual target of N4.501 trillion and accounted for 60 per cent contribution to the total collection,” he explained.

On the retreat, the chairman noted that the event was a flagship in the service’s planning cycle and a platform where staff and management review the performance of the service in 2019 and map out goals and strategies for achieving set objectives for the current year.

He reiterated the commitment of the service in working to realise President Muhammadu Buhari’s vision at taking 100 million Nigerians out of poverty in 10 years by collecting robust revenue to develop infrastructure.

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