The Federal Inland Revenue Service(FIRS) has raked in the total sum of N4.178 trillion as revenue out of the personal target of N4.239 trillion – 98.6% of the revenue goal for the year.
This is according to a tweet by an aide to President Buhari, Lauretta Onochie, via her verified Twitter handle, as seen by Nairametrics.
Executive Chairman, FIRS, Muhammad Mamman Nami says the agency has raked in ₦4.178T revenue out of d ₦4.239T target it set for itself -News
— Lauretta Onochie (@Laurestar) November 24, 2020
Commenting on the recent development, Lauretta Onochie said: “Executive Chairman, FIRS, Muhammad Mamman Nami says the agency has raked in ₦4.178T revenue out of the ₦4.239T target it set for itself -News.
“Meanwhile, @MBuhari exempted those on minimum wages & those who run small businesses from paying tax. That’s more money in their pockets.”
Why it matters
Following the instability in the oil market and the recession that the country has found itself in, due to the impact of the COVID-19 pandemic, it is pertinent to explore other alternative sources of income, like taxation. This sort of news is also a cheering one, especially as it is in line with the present administration’s goal of creating viable alternative sources of revenue for the country.
What this means
With some weeks to go before the year ends, the result so far indicates that the agency has been proactive and worked assiduously well to achieve its objective. Attaining 98.6% of its target is no mere feat.