Nigeria’s tax revenue rises to N28.14trn in 10 years – FIRS
The Federal Inland Revenue Service (FIRS) has indicated its resolve to raise the tax revenue profile of Nigeria by at least 600 percent in 10 years.
The Acting Chairman, FIRS, Mr. Babatunde Fowler dropped the hint Wednesday in Abuja while fielding questions from journalists when the executive members of the Chartered Institute of Taxation of Nigeria (CITN) visited him in his office.
FIRS generated some N4.69 trillion from taxes for the federal government in 2014. Thus going by Mr. Fowler’s indication, Nigeria’s revenue in taxes should hit N28.14 trillion by 2025.
The FIRS boss said he would like to adopt the state of Georgia, United States of America’s model which raised its tax profile by 600 percent in 10 years.
“I am looking at the experience of Georgia. What they did within 10 years can be done in Nigeria. They increased their revenue by times six within 10 years. And if you look at Lagos from 1999, the tax revenue was raised by times 20 and we didn’t increase any rates and hardly changed any laws. It’s just a matter of doing it right in other states and doing it at the federal level as well,” he said.
“We don’t have to change the tax rates or review any law. All we need do is to do the right thing and make sure we are 100 percent or 99 percent compliant. Organisations should pay what is due, when it’s due. Individuals should do what is right”, he emphasized.
He noted that Nigeria has indeed moved away from the tradition of relying on oil revenue to tax revenue.
“It is clear that the people of Nigeria and the government know that oil revenue is gone and even if it comes back, it will be an icing on the cake. We can no longer rely on oil revenue but on taxation,” he said.