Non Oil Sector Revenue Collection Hit N438B In July- FIRS

Yemisi Izuora

The Federal Inland Revenue Service, FIRS, has disclosed that out of N490 billion collected by the Service in July, only N52 billion came from the oil sector, while the balance of N438 billion came in through non-oil receipts.

According to the agency, there has been significant increase in collectable tax revenue from the non-oil sector of the economy.

The Executive Chairman, FIRS, Muhammad Nami, disclosed this on Tuesday in Abuja during a courtesy call on the Minister of Finance, Budget and National Planning, Zainab Ahmed, by the members of the FIRS Board.

Nami attributed the increase in the non-oil sector receipt to reform measures introduced by the FIRS Board and Management as well as the renewed vigour in the Service workforce.

According to Nami, non-oil tax receipts have consistently contributed 75 per cent to 90 per cent of total tax revenue in recent months.

Nami commended the Minister for her support to the FIRS and its Board since their inauguration earlier in the year and solicited closer working relationship between the Service and her ministry.

Attesting to Nami’s disclosure, Ahmed commended the Management and Board of the FIRS for working to limit the disruptive impact of COVID-19 on government revenue through their proactive reforms, noting that this had made it possible for the three tiers of government to receive their monthly statutory allocations from the Federation Accounts.

The minister observed that Value Added Tax and Stamp Duties receipts have boosted government revenue despite the pandemic.

Ahmed pledged to continue to support the Management and Board of the FIRS and tasked the Service to work harder towards diversifying government revenue sources further away from dependence on oil.

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