FIRS generates N3.233trn within 10months

By Abolaji Adebayo

The Federal Inland Revenue Service (FIRS), declared that it had generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.

The Executive Chairman, FIRS, Tunde Fowler, disclosed this at interactive session for review of 2018–2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organized by House of Representatives Committee on Finance and Appropriations.

The FIRS boss who briefed the joint committees on Monday about the key strategies for achieving the objectives of the 2018 budget, said FIRS justification for 2018-2020 revenue frameworks was based on Federal Government Economic Recovery and Growth Plan (ERGP).

According to him, FIRS deployed technology to ramp up more revenue for the nation, especially as its tax assessment between 2013 and 2015 revealed N1trillion after its tax audit exercise.

The chief tax officer of the country said the exercise had already yielded over N3.7 billion in collection of taxes into federal government coffers.

http://www.theguildng.com/firs-generates-n3-233trn-in-10months-hits-79-35-revenue-target/

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Please I need someone to help me this maths. If our major major source of budget funding comes from oil revenue and we are get N3.23t from taxes, why do we still need to borrow? This is about 50% of our current budget.