FIRS earns N2.7 trillion revenue in 9 months- Fowler

Babatunde Fowler, the executive chairman of the Federal Inland Revenue Service (FIRS).

The Federal Inland Revenue Service (FIRS) said it has generated N2.7 trillion revenue from oil and non-oil sources as at September 2016 which represents 81 percent of the third quarter cumulative target of 3.12 trillion in the 2016 budget. The Executive Chairman of the FIRS, Mr. Babatunde Fowler, disclosed this in Abuja.

Fowler said the agency recorded more increase in tax collection from the non-oil revenue sector, with the largest chunk coming from the telecommunications and multinational companies.

“We have seen an increase in non-oil revenue. In terms of percentages, non-oil contribution, out of the total revenue target, is about 70 percent. In Naira terms, as of September we had achieved about 81 per cent of our contributions to this year budget. The total amount collected was about N2.7 trillion, which is 81 percent of the third quarter cumulative budget,” he said.

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