HomeNEWSCOVID-19: Federal Inland Revenue Service meet 98 percent of revenue target

COVID-19: Federal Inland Revenue Service meet 98 percent of revenue target

The Federal Inland Revenue Service says it realized 98 percent of the revenue target set for it by the federal government in the revised target occasioned by the COVID 19 pandemic.

The chairman of the service, Muhammed Nami stated this in Abuja on Tuesday while briefing the press on the performance of the service in the 2020 fiscal year.

In the 2020 budget, the federal government had set a revenue target of over Eight Trillion Naira for the Internal Revenue Service

However, as a result of the effects of the COVID19 on the economy of the country, the target was revised to over Five Trillion Naira.

Briefing the media on Tuesday, the Inland Revenue Service said it achieved 98 percent of the revised target

Chairman of the service, Muhammed Nami told the press that he took over a revenue service that was in disarray. He said the situation coupled with the economic disruption caused by the COVID-19 pandemic created challenges in revenue generated by the service

Muhammed however attributed the modest success recorded by the service to the reforms initiated by his administration and expressed optimism that if Nigerians are diligent in paying their taxes the FIRS would doeven better.

The federal government removed former Chairman of the service Tunde Fowler and appointed Muhammed Nami in his place.

The federal Inland Revenue Service has been accused of working with companies, especially the international oil companies to underestimate their taxes leading to fall in revenue realization and undermining of the federal budget.

 

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