Tunde Fowler, the Federal Inland Revenue Service (FIRS) chairman, has replied to the query from President Muhammadu Buhari on the agency’s inability to meet revenue projection target.
Abba Kyari, on behalf of the president, had queried Fowler to explain “significant variances between the budgeted collections and actual collections for the period 2015 to 2018” and FIRS’s inability to meet the target.
Fowler, in response, said: “The non-oil revenue collection grew by N1,304.20 trillion or 21 percent within the period 2016 to 2018” adding that “the total budget collection figure during 2012 to 2014 stood at N12,190.52 trillion compared to N16,771.78 trillion for the period 2016 to 2018, which represent an increase of 37.58 percent.
“Please note that the variance in the budgeted and actual revenue collection performance of the service for the period 2016 to 2018 was mainly attributed to the following reasons:
The low inflow of oil revenues for the period especially Petroleum Profit Tax (PPT) was due to the fall in the price of crude oil and reduction of crude oil production. Notwithstanding government efforts to diversify the economy, oil revenues remains an important component of total revenues accruable to the Federation. The price of crude oil fell from an average of $113.72, $110.98 and $100.40 per barrel in 2012, 2013 and 2014 to $ 52.65, $43.80 and $54.08 per barrel in 2015, 2016 and 2017.”
Continuing, he noted, “There was also a reduction in crude oil production from 2.31mbpd, 2.18mbpd and 2.20mbpd in 2012, 2013 and 2014 to 2.12mbpd, 1.81mbpd, and 1.88mbpd in 2015, 2016 and 2017 respectively” the letter explained. Secondly, he noted that “the Nigerian economy also went into recession in the second quarter of 2016 which slowed down general economic activities.
“Tax revenue collection (CIT and VAT) being a function of economic activities were negatively affected but the actual collection of the above two taxes were still higher in 2016 to 2018 than in 2012 to 2014. During the years 2012, 2013 and 2014, GDP grew by 4.3%, 5.4%, and 6.3% while in 2015, 2016 and 2017 there was a decline in growth to 2.7%, -1.6% and 1.9% respectively. The tax revenue grew as the economy recovered in the second quarter of 2017.
“It is worthy of note that strategies and initiatives adopted in the collection of VAT during the period 2015-2017 led to approximately 40 percent increase over 2012-2014 collections. In 2014 the VAT collected was N802billion, compared to N1.1 trillion in 2018. This increase is attributable to various initiatives such as ICT innovations, continuous taxpayer education, taxpayer enlightenment, etc embarked upon by the Service.”
He added, “It is pertinent to note that when this administration came on board in August 2015, the target for the two major non-oil taxes were increased by 52 percent for VAT and 45 percent for CIT. “Notwithstanding the increase, FIRS has in line with the federal government’s revenue base diversification strategy has grown the non-oil tax collection by over N1.304 trillion (21 percent) when the total non-oil tax collection for 2016-2018 is compared to that of 2012-2014.”
I really liked this post i actually read your blog fairly
often, and you’re consistently coming out with some great stuff.
I embedded this on my blog, and my followers adored it.
I really admire the very good work 🙂
This post offers clear idea for the new users of blogging, that really how to do
blogging and site-building.
Do you mind if I quote a few of your articles as long as I provide credit and sources back to
your webpage? My blog is in the very same niche as yours and my visitors would
certainly benefit from a lot of the information you present
here. Please let me know if this ok with you. Thank you!
I’m really enjoying the theme/design of your blog.
Do you ever run into any internet browser compatibility problems?
A couple of my blog audience have complained about my
site not operating correctly in Explorer but looks great in Firefox.
Do you have any suggestions to help fix this problem?
I got this website from my friend who shared with
me about this website and now this time I am visiting this site and
reading very informative posts at this time.
Pretty section of content. I just stumbled upon your site and
in accession capital to assert that I acquire actually enjoyed account your blog posts.
Anyway I will be subscribing to your feeds and
even I achievement you access consistently rapidly.
Hello, recognition you for information! I repost in Facebook
Hello, thank you for information! generic viagra india 100mg http://viapwronline.com I repost in Facebook.
ed pills that work better than viagra
Hello, notice you http://cialisxtl.com in judge to facts! viagra vs cialis vs levitra
generic viagra available
Cialis real cialis online with paypal cialis patent expiration
Cialis cialis prices 20mg cialis going generic in 2019 in us
Cialis fda warning list cialis what is cialis used for
Cialis cialis vidalista which is better – cialis or viagra
order levitra uk cheapest cialis online viagra sale australia
I simply want to say I’m all new to blogs and actually enjoyed you’re web-site. Likely I’m want to bookmark your website . You certainly have incredible well written articles. Thanks a lot for revealing your blog site.
buy cialis canada pharmacy cheap 2.5 mg cialis viagra walgreens
Thank you, I have just been looking for info about this subject for ages and yours is the best I’ve discovered till now. However, what about the bottom line? Are you certain about the supply?
I have noticed that online degree is getting common because getting your college degree online has turned into a popular option for many people. A huge number of people have not necessarily had a chance to attend a normal college or university although seek the increased earning possibilities and a better job that a Bachelor’s Degree grants. Still other individuals might have a degree in one field but would choose to pursue one thing they already have an interest in.
Have you ever considered writing an ebook or guest authoring on other blogs? I have a blog based upon on the same subjects you discuss and would really like to have you share some stories/information. I know my readers would value your work. If you are even remotely interested, feel free to send me an e mail.
I will immediately grab your rss as I can not to find your email subscription link or newsletter service. Do you’ve any? Kindly allow me know in order that I may just subscribe. Thanks.
Absolutely composed articles, Really enjoyed looking at.