FIRS Raise N8.5trn in 9 months

The outgoing Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, disclosed that the agency generated N8.5 trillion in tax revenue between January 1 and September 14 this year.

He made the disclosure while handing over to his successor, Mr Zacch Adedeji, who was appointed last week by President Bola Tinubu.

According to him, the Service implemented strategic reforms that galvanized its operations in line with the mandate given to him upon assumption of office in December 2019.

Nami further disclosed that the FIRS has been able to boost government revenue to the extent that over 70 percent of the funds shared during the monthly Federation Account Allocation Committee come from tax collection.

In his remarks, the acting Chairman of FIRS, Mr Adedeji Zacch, reckoned that Nigeria was currently hurting from a pressing revenue crisis, with a staggering 96 percent of government revenue being funnelled into servicing our debts.

While describing the scenario as unacceptable, the new FIRS boss said quick actions were needed to drive up revenue generation. “This stark reality necessitates swift and resolute action on our part. We cannot afford to delay; we must act decisively to reverse this concerning trend”, he said.