FIRS generates N5.3trn in 2018, sets N8trn target for 2019
The Federal Inland Revenue Service, FIRS generated over N5trillion (five trillion Naira) tax income in 2018, the largest revenue collection pool ever.
Correspondent Lara Afolayan reports that the N5.3trn (five point three trillion Naira) tax revenue generated by the federal inland revenue service for 2018 were from oil and non oil taxes.
The figure is a seven year high as the closest the revenue generating agency ever got to this amount was the five point one trillion generated in 2012.
The Revenue Service has now set an N8trillion (eight trillion Naira) revenue target for twenty nineteen. But some economic analysts are divided on the tax revenue figure considering the economic realities.
The non-oil sector is seen as having the capacity to generate much more income considering Nigeria’s vast natural endowments.
South Africa generates much more revenue from taxation and Nigeria is being advised to take a cue from this example.
The 2019 budget has a N1.9trn (one point nine trillion naira) deficit which government expects to fund through borrowing.
Economic watchers feel greater commitment to non- oil revenue generation could help bridge this deficit.