Home Finance & Economy FIRS determines to surpass N8.5trn revenue projection in 2020

FIRS determines to surpass N8.5trn revenue projection in 2020

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The Federal Inland Revenue Service (FIRS) who couldn’t achieve its projected revenue of  N8.5 trillion in 2019, has expressed its determination not to only achieve the current target but to doubled it before the end of 2020.

The revenue agency in 2019 realised a total sum of N5 trillion, recording a deficit of over N3 trillion from the projected revenue of above  N8 trillion for the year under review.

Although, the Executive Chairman, FIRS, Mr Muhammad Nami, has expressed concern over the dwindling revenue performance despite an increase in the service workforce over the period.

The revenue boss who charged the agency staff during the week, noted that the  service had once surpassed its revenue target of N3.6 trillion in 2012 when it generated N4.6 trillion without the active participation of consultants and with moderate inflation and exchange rate, adding that such impressive performance can be achieved again.

He, therefore, tasked the staff to be prepared to give in their best to improve collection upon resumption from the holiday.

“It should be pondered upon during the holiday so that you would resume refreshed and better prepared to serve”, he stated.

He also urged the staff to take advantage of the current staff-friendly environment to redouble their efforts to reverse the downward trend in revenue generation as well as ensure that the current target of N8.5 trillion is not only achieved but also doubled before the end of 2020.

He warned them to desist from negotiating with taxpayers and siphoning tax revenues meant for the federal government.

“No doubt the task is daunting but with dogged spirit, integrity, probity, and accountability as well as resolve not to negotiate with taxpayers, and pocket the revenue due to the federal government, the current challenges can be surmounted and our ambitious target achieved or surpassed”, he said.

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