The Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler in a statement made to the News Agency of Nigeria on Saturday 18th of May 2019, said that the FIRS generated N1.5 trillion as revenue in the first quarter Q1 of 2019, a 28% increase from the N1.17 trillion reported by the service in the same quarter of the preceding year and about 18.7% of the agency’s total revenue target of N8 trillion for 2019. According to him, the major contributor to this increase was taxes from the non-oil sector, as the amount was 11% higher than what the agency realized from that sector in Q1 of 2018.
You will recall that earlier this year, the Chairman was quoted as saying the agency had set a target of 8 trillion naira. Many people wondered how the target would be achieved as the country was about to go into one of its most decisive election period. This report however suggests that the agency is taking giant strides in that direction and if it keeps up with the pace, there is a high possibility of meeting or even surpassing that target.