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Nigerian non-oil sector revenue rises amid COVID-19

By NewsDesk, with agency report

The Federal Inland Revenue Service (FIRS) has disclosed that the country’s non-oil sector revenues witnessed some rises despite the outbreak of coronavirus that affected  global economy.

It explained that the non-oil tax receipts consistently contributed 75 to 90 per cent of total tax revenue in recent months after the drop in the oil revenues.

The Executive Chairman, FIRS, Muhammad Nami, said that the service had continued to record significant increase in collectable tax revenue from the non-oil sector of the economy in spite of the national and global economic upheaval occasioned by COVID-19 pandemic.

Through a statement released to newsmen on Thursday by the FIRS Director, Communications and Liaison Department, Abdullahi Ahmad, Nami spoke when he led FIRS Board members on a courtesy call on the Minister of Finance, Budget and National Planning, Zainab Ahmed.

According to him, out of N490 billion collected by the service in July, only N52 billion was from the oil sector, with the rest coming in through non-oil receipts.

The FIRS boss attributed the increase in the non-oil sector receipt to reform measures introduced by the service’s board and management as well as the renewed vigour in the service workforce.

Nami, however, commended the minister for her support to the service and its board since their inauguration earlier in the year and solicited closer working relationship between the FIRS and her ministry.

On her part, the minister the management and board of the FIRS for working to limit the disruptive impact of COVID-19 on government revenues through their proactive reforms.

The reforms, she said, made it possible for the three tiers of government to receive their monthly statutory allocations from the Federation Account and that the Value Added Tax (VAT) and stamp duties receipts also boosted government revenue in spite the pandemic.

Ahmed, however, pledged her ministry’s support for the management and board of FIRS and urged the service to work harder toward diversifying government revenue sources further away from dependence on oil.

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