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Nigerian government generated N1.5 trillion revenue in Q1 of 2019

There is no doubt that the FIRS boss, Babatunde Fowler and the minister of finance, Zainab Ahmed are striving hard to make sure that VAT benefits both the federal and subnational budgets, though they have not reached that level, but with the Strategic Revenue Growth Plan that was launched in January and other initiatives introduced by  FIRS and other revenue generating agencies would take Nigeria to the promised land soon, if all hands were on deck to actualise those plans.

According to the chairman of the Federal Inland Revenue Service, FIRS, Babatunde Fowler, FIRS generated N1.5 trillion revenue in the first quarter (Q1) of 2019, the amount included revenue from non-oil taxes that were 11% higher than what the agency realised from that sector in Q1 of 2018.

The Q1 figure represents 18.7% of the agency’s total revenue target of N8 trillion for 2019 and the agency has already started the enforcement of over 50,000 accounts that have banking turnover of 100 billion and above that have not filed their returns., also, the agency is getting more people into the tax net and deploy more technology by using what its call “Auto VAT Collect”, which basically assists taxpayers at the point of transaction, and the VAT portion is sent straight into the federation account. Buhari should not allow anyone to sabotage his efforts.

 

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