- Information from the Federal Inland Revenue Service (FIRS) indicates that revenue from taxes are high
- The FIRS hopes to generate more revenue before the end of the year
- The Nigerian government has been asked to force adult citizens to pay taxes
Despite the challenges posed by COVID-19, the sum of N4.178 trillion has been generated by the Federal Inland Revenue Service from January to the end of October 2020.
According to Daily Trust, the agency disclosed in Abuja on Monday, November 23, that the sum of N4.23 trillion was the original target for the same period.
Femi Oluwaniyi, the coordinating director, tax operations group of the FIRS, said the amount generated represented 99 per cent of the target for the period.
He stated that the target for the whole year was N5.76 trillion.
Oluwaniyi disclosed that the service was able to generate N762bn between April and May 2020.
Meanwhile, the Nigerian federal government has been urged to do everything possible to increase the internally generated revenue of the country.
The call was made by Governor Nasir El-Rufai of Kaduna state, The Sun reports.
He said the low rate of internal revenue collection in the country depresses public finances, hampers the ability to deliver social goods, services, and physical infrastructure.
In another news, Zainab Ahmed, the minister of finance, budget, and national planning, has stated that Nigeria is outperforming the economies of many countries around the world despite being in recession.
The minister made its disclosure on Monday, November 23, while speaking at the opening of the 26th edition of the Nigerian Economy Summit (#NES26).
She said Nigeria is performing poorly as she stated that the economy has shown strong resilience.
Just in: President reveals what plunged Nigeria into another economic recession, identifies solutions
Still on the economy, President Muhammadu Buhari has revealed that Nigeria's current recession was caused by the coronavirus pandemic.
The Guardian reports that the president made this known on Monday, November 23, at the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’.
Legit.ng gathered that the president was represented by his deputy, Vice President Yemi Osinabajo, at the event which was organised jointly by the Nigerian Economic Summit Group (NESG) and the Ministry of Finance, Budget and National Planning.