Acting Executive Chairman Babatunde William Fowler, yesterday during the screening for his confirmation as Tax Boss at Senate said that The Federal Inland Revenue Service (FIRS) is targeting to raise N4.5 Trillion through taxes in 2016 for the nations coffers.
He also noted that the revenue from the country’s Value Added Tax (VAT) would be increased from N500m to N2.5trillion in 2016. He stated “Our projection of N4.5trillion does not include an increase in VAT. This is because we are of the view that tax should be fair.”
He also spoke on the possibility of adequate funding for the proposed N8 trillion budget for 2016 saying: “The Vice President was not aware of this projection before disclosing the proposed N8tr budget but the budget is possible. If oil can generate N1trillion, Customs and FIRS can generate N4.5tr, so the budget of N8tr is quite doable.”

Source : www.theheraldng.com/the-budget-of-n8tr-is-doable-firs-boss/?utm_source=&utm_medium=facebook

Don't deceive Nigerians by sheer braggadaccio, what govt is about to do with 8trillion budget is to mortgage the future of the next 10 generation. By the time Buhari leaves our debt burden will worse than what we borrowed between 1960 to 2006.

Even when government is still complaining of #18,000 minimum wage?
Stop living in jurassic world oga..

Okanokan:
Don't deceive Nigerians by sheer braggadaccio, what govt is about to do with 8trillion budget is to mortgage the future of the next 10 generation. By the time Buhari leaves our debt burden will worse than what we borrowed between 1960 to 2006.

o you think it's the clueless one and his cohorts still in charge. no my friend, it's LA general

Okanokan:
Don't deceive Nigerians by sheer braggadaccio, what govt is about to do with 8trillion budget is to mortgage the future of the next 10 generation. By the time Buhari leaves our debt burden will worse than what we borrowed between 1960 to 2006.

They are not blockheads like you.For once in your lifetime,Have a positive thinking.

If it is do able without borrowing excessively or causing pain to tax payers let it be done.

This is good news coming from the man that increased internally generated revenue of Lagos from about N2bn to about N 20bn monthly.

We can't wait for the budget to be presented and analysed. Better days are ahead of us.

Okanokan:
Don't deceive Nigerians by sheer braggadaccio, what govt is about to do with 8trillion budget is to mortgage the future of the next 10 generation. By the time Buhari leaves our debt burden will worse than what we borrowed between 1960 to 2006.

did u read anywhere the boss talked abt debt?

Okanokan:
Don't deceive Nigerians by sheer braggadaccio, what govt is about to do with 8trillion budget is to mortgage the future of the next 10 generation. By the time Buhari leaves our debt burden will worse than what we borrowed between 1960 to 2006.

Wailer, whether you like it or not, PMB at his worst is far better than Jonathan. PMB has put the right persons in the right place and we shall soon start to see the good result.

I still don't understand how government plan to raise the N8trillion. The rhetoric by FIRS is only assumption and NOT projection. He talked about not increasing VAT but at the same time posited that he plans to increase the VAT from N500m to N2.5trillion ie 500% increment? Is he a magician? How can Custom Generate N2trillion in 2016? I don't understand why these people are bent on giving Nigerians false hope.

This N8trillion is undoable! FACT...

This man is not conversant with revenue sharing formula where the FG gets only 52%.

Is the proposed N4.5tr meant for Federal Government alone?

TonyeBarcanista:
I still don't understand how government plan to raise the N8trillion. The rhetoric by FIRS is only assumption and NOT projection. He talked about not increasing VAT but at the same time posited that he plans to increase the VAT from N500m to N2.5trillion ie 500% increment? Is he a magician? How can Custom Generate N2trillion in 2016? I don't understand why these people are bent on giving Nigerians false hope.

This N8trillion is undoable! FACT...

We only observe

Another APC Joke!

8trillions budget is not doable, it will only bring about hardship on Nigerian. the federal government need to take things one step at a time. start from 6trillions then later increase it to 8tr. in subsequent budgets

TonyeBarcanista:
I still don't understand how government plan to raise the N8trillion. The rhetoric by FIRS is only assumption and NOT projection. He talked about not increasing VAT but at the same time posited that he plans to increase the VAT from N500m to N2.5trillion ie 500% increment? Is he a magician? How can Custom Generate N2trillion in 2016? I don't understand why these people are bent on giving Nigerians false hope.

This N8trillion is undoable! FACT...

Not increasing VAT paid on goods and services doesn't mean that earnings from VAT cannot be increased. What he has to do is to expand the net of VAT to include more goods and services that are not currently being taxed.
N2trillion is about N166.5bn per month in a year. If Lagos could raise over N20bn in a month, Nigeria should have no problem raising eight times of that figure.
For the fact that he did it in Lagos is enough for me to believe him to repeat it at the federal level.

eliment:
8trillions budget is not doable, it will only bring about hardship on Nigerian. the federal government need to take things one step at a time. start from 6trillions then later increase it to 8tr. in subsequent budgets

The people talking have more superior knowledge about this issue than you and I. If the FIRS boss, the VP and other key persons believe it's doable, why should we think otherwise without having access to the same information they have?

Perhaps a tall order.

But with a frugal system, 80% of the target is doable.

I foresee this administration exposing how financially irresponsible the last administrations have been.

Watching....

juju economics, Nigerians prepare, tougher days are ahead with these propaganda merchants. until they break down how they intend to do so, all na propaganda.

PassingShot:

Not increasing VAT paid on goods and services doesn't mean that earnings from VAT cannot be increased. What he has to do is to expand the net of VAT to include more goods and services that are not currently being taxed.
N2trillion is about N166.5bn per month in a year. If Lagos could raise over N20bn in a month, Nigeria should have no problem raising eight times of that figure.
For the fact that he did it in Lagos is enough for me to believe him to repeat it at the federal level.

The tax of Lagos state has to do with multiple taxing system by Fashola which many termed inappropriate. Also, the number of tax-paying individuals and corporations in Lagos state cannot be compared to what is obtainable in other 36 states. Which organisation do you want to extract such figure from in Abia, Bayelsa, Anambra etc states? Even states like Kano that is more populated that Lagos state and the commercial capital of Northern Nigeria does NOT generate up to N8billion monthly. Rivers state generate about N12billion monthly. That of Delta is about N10billion. These are states with MNO's outlets and expat workers.

So how will FIRS achieve the 500% increase in generation? Who will they tax? Will they introduce multiple taxing system and drive away/scare investors? Which items will they tax that they haven't be taxing? Will they increase VAT by 500%? Oga this is UNDOABLE! Fact!


Same with Custom

PassingShot:

The people talking have more superior knowledge about this issue than you and I. If the FIRS boss, the VP and other key persons believe it's doable, why should we think otherwise without having access to the same information they have?

story for the gods, they should tell us how they intend to do it instead of looking for cheap publicity. any money borrowed from abroad now that the naira is loosing value to the dollar would mean that poor innocent Nigerians would work five times harder to pay back that money. also borrowing within the country means lack of credit for business and households to borrow from.

TonyeBarcanista:

The tax of Lagos state has to do with multiple taxing system by Fashola which many termed inappropriate. Also, the number of tax-paying individuals and corporations in Lagos state cannot be compared to what is obtainable in other 36 states. Which organisation do you want to extract such figure from in Abia, Bayelsa, Anambra etc states? Even states like Kano that is more populated that Lagos state and the commercial capital of Northern Nigeria does NOT generate up to N8billion monthly. Rivers state generate about N12billion monthly. That of Delta is about N10billion. These are states with MNO's outlets and expat workers.

So how will FIRS achieve the 500% increase in generation? Who will they tax? Will they introduce multiple taxing system and drive away/scare investors? Which items will they tax that they haven't be taxing? Will they increase VAT by 500%? Oga this is UNDOABLE! Fact!


Same with Custom

You will marvel, if you are shown the number of tax defaulters in NiGeria. Just yesterday, one of the Companies, I do business with, requested for my TIN before processing my September invoice- Meaning they want to deduct VAT @ Source.

Let me put it in a Simple Way:

Revenue From Custom: 1.5Trillion

FIRS-. 4.5Trillion

NNPC and other Agencies, 1Trillion

Miscellaneous includinG borrowing-1Trillion

It is very very doable!

PassingShot:

The people talking have more superior knowledge about this issue than you and I. If the FIRS boss, the VP and other key persons believe it's doable, why should we think otherwise without having access to the same information they have?

Just like ACN governors whose projected annual budgets manage to attain 45% - 55% actual performance except Lagos State with average 79% performance per annum.

Propaganda and lies won't take Nigeria to anywhere.

It is time we start asking how and means from politicians and public officers when they make these unrealistic projections and promises.

Agreed that we have lots of Tax defaulters that might be defrauding Nigeria of about 60% of what she is supposed to generate from tax. A projection of N800 billion to N1trillion appears more realisable than the N2.5 trillion. I will campaign for the FIRS boss to be President if Nigeria can generate N2trillion from tax without introducing multiple taxing system.

NgeneUkwenu

You will marvel, if you are shown the number of tax defaulters in NiGeria. Just yesterday, one of the Companies, I do business with, requested for my TIN before processing my September invoice- Meaning they want to deduct VAT @ Source.

Let me put it in a Simple Way:

Revenue From Custom: 1.5Trillion

FIRS-. 4.5Trillion

NNPC and other Agencies, 1Trillion

Miscellaneous includinG borrowing-1Trillion

It is very very doable!

TonyeBarcanista:

The tax of Lagos state has to do with multiple taxing system by Fashola which many termed inappropriate. Also, the number of tax-paying individuals and corporations in Lagos state cannot be compared to what is obtainable in other 36 states. Which organisation do you want to extract such figure from in Abia, Bayelsa, Anambra etc states? Even states like Kano that is more populated that Lagos state and the commercial capital of Northern Nigeria does NOT generate up to N8billion monthly. Rivers state generate about N12billion monthly. That of Delta is about N10billion. These are states with MNO's outlets and expat workers.

So how will FIRS achieve the 500% increase in generation? Who will they tax? Will they introduce multiple taxing system and drive away/scare investors? Which items will they tax that they haven't be taxing? Will they increase VAT by 500%? Oga this is UNDOABLE! Fact!

Same with Custom

That Kano, Rivers and many other states have failed to properly harnessed the opportunity offered by VAT and other taxes doesn't mean FG cannot do it especially with the need to. Do you know how many SMEs, individuals and corporate organizations that should be paying tax but are not currently paying? Ol boy, please drop this mentality of "undoable" just because you think don't know how it can be done.

I repeat, the amount Nigeria currently generates through tax is way below what it should be. Many officers of FIRS enrich themselves through sharp practices by conniving with many of the corporate businesses to evade tax. Those corporate entities only pay just a fraction of what they're supposed to pay to the corrupt govt officials. If Fowler can stop such sharp practices and make these companies pay their due, raising N2trillion is a piece of cake.

If Fowler says N7tn or 8trillion budget is doable, I will take his words over yours any day any time.

[quote author=PassingShot post=40414770]
Not increasing VAT paid on goods and services doesn't mean that earnings from VAT cannot be increased. What he has to do is to expand the net of VAT to include more goods and services that are not currently being taxed.
N2trillion is about N166.5bn per month in a year. If Lagos could raise over N20b n in a month, Nigeria should have no problem raising eight times of that figure.
For the fact that he did it in Lagos is enough for me to believe him to repeat it at the federal level.[/quote in case u don't know Lagos alone shares 50% of Nigerian economy. If you are in doubt ask SLS fmr CBN Boss. Mo State in Nigeria can compete with Lagos I'm terms of IGR, where your slave master is the Land.

I'm only stating an opinion that is influenced by what is on ground. When VP Yemi made that N8trilion statement, virtually every financial analyst asked "HOW". Fowler has come with his own but he bever said HOW! It is not enough to quote figures, it is better when such is matched by projections and not assumption. I recall maintaining that the N500 unemployment pay is unrealistic(I still stand by that position) but some people thought I was only 'opposing'. The truth is that until we start asking the HOW, we will continue to build castle in the air.


Btw: I never said my opinion is an authority. I asked HOW?

PassingShot:

That Kano, Rivers and many other states have failed to properly harnessed the opportunity offered by VAT and other taxes doesn't mean FG cannot do it especially with the need to. Do you know how many SMEs, individuals and corporate organizations that should be paying tax but are not currently paying? Ol boy, please drop this mentality of "undoable" just because you think don't know how it can be done.

I repeat, the amount Nigeria currently generates through tax is way below what it should be. Many officers of FIRS enrich themselves through sharp practices by conniving with many of the corporate businesses to evade tax. Those corporate entities only pay just a fraction of what they're supposed to pay to the corrupt govt officials. If Fowler can stop such sharp practices and make these companies pay their due, raising N2trillion is a piece of cake.

If Fowler says N7tn or 8trillion budget is doable, I will take his words over yours any day any time.

TonyeBarcanista:
I'm only stating an opinion that is influenced by what is on ground. When VP Yemi made that N8trilion statement, virtually every financial analyst asked "HOW". Fowler has come with his own but he bever said HOW! It is not enough to quote figures, it is better when such is matched by projections and not assumption. I recall maintaining that the N500 unemployment pay is unrealistic(I still stand by that position) but some people thought I was only 'opposing'. The truth is that until we start asking the HOW, we will continue to build castle in the air.


Btw: I never said my opinion is an authority. I asked HOW?

But the FIRS boss just told you he could raise N2tn in 2016 by increasing earnings from tax. That's one of the "hows". Customs can also increase revenue by about 50% of what is projected for 2015 (N900bn) to around N1.4tn.
This discussion will be enriched when the budget is revealed. So, all criticism should wait till then.

PassingShot:

But the FIRS boss just told you he could raise N2tn in 2016 by increasing earnings from tax. That's one of the "hows". Customs can also increase revenue by about 50% of what is projected for 2015 (N900bn) to around N1.4tn.
This discussion will be enriched when the budget is revealed. So, all criticism should wait till then.

How will he increase revenue from tax by 500% without increasing VAT by 300-400%? Anyway, we are waiting for the budget

My budget of next yr is also do able atleast i will be geting 60k frm the 8tr naira budget

8trillion is doable cs u nd ur President Buhari goin round dy world in 11 days will give out enormous fine 2 companies in order 2 meet dy target

Okanokan:
Don't deceive Nigerians by sheer braggadaccio, what govt is about to do with 8trillion budget is to mortgage the future of the next 10 generation. By the time Buhari leaves our debt burden will worse than what we borrowed between 1960 to 2006.

u have already program ur mind to be foolish, that is why u don't bother to read, in case u miss d very line, Mr fowler said firs can generate 4.5tr naira alone, add that to custom and oil, that wil be more than 8tr naira budget without recourse to borrowing, try to have common sense next time