The Buhari Media Organisation (BMO) has commended the Chairman, Federal Inland Revenue Service (FIRS) Mr. Muhammad Nami and its management team for recording 10.4% increase in its collection target for the first quarter of 2020 (Q1 2020), compared to the same period in the last fiscal year. A significant increase in revenue.
According to the agency, “the giant strides which gave the tax collector’s revenue this huge leap, includes, blockage of leaks in the revenue flow by the wide-ranging reforms launched at the FIRS by its new Executive Chairman”.
In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the pro-Buhari group said despite the effect of the Corona virus pandemic on the nation’s economy and on private businesses, FIRS’ records increase in revenue. Impressive figures show that capable hands are at the helm of affairs at the FIRS
“The figure released by the FIRS shows that FIRS collected N1,115,491,053,374.68 in the first quarter of 2020, compared to Q1 2019 when the Service collected N1,046,889,787,060.27.
“Capital Gains Tax witnessed a 568% increase from N96,408,740.90 in Q1 2019 to N643,935,849.06 in Q1 2020.
“Gas Income Tax increased by 286% in Q1 2020, which amounted to N11,491,627,575.89, compared to N2,977,345,332.31 raked in Q1 2029”
“Company Income Tax (CIT) collected in Q1 2020 jumped 135% to N95,733,194,644.91 from the corresponding figure of N40,696,980,658.52 recorded in Q1 2019.
“Stamp Duty collection in Q1 2020 is N4,750,893,578.48, a 40% increase on the Q1 2019 figure of N3,386,648,663.85.
“The FIRS recorded an 82% increase in its collection of Education Tax, N13,123,624,697.40 in Q1 2020 compared to N7,229,644,397.68 in Q12019.
“Both Nigerian Custom Service and Non-Import VAT also increased by 12.4% in Q1 2020 to N63,296,684,819.79 and N266,264,753,625.13 respectively from the Q1 2019 figures of N57,008,866,617.53 and N236,030,481,054.83 in that order”.
The pro-Buhari group noted that several things have changed since February, in terms of fiscal collection when the Covid-19 pandemic became more impactful on Nigeria.
“If FIRS can do so well in three months of limitations, we expect that, going forward, by the time the coronavirus pandemic is conquered, a lot more would be achieved. This would reinforce public confidence in the new chairman and also assure Nigerians that government is working despite the limitations of the corona virus pandemic”, the statement added.