GOOD NEWS | 70% of June Allocation from Non-Oil Sector

Federal government is fashioning creative ways to make more money for the country outside the oil.

According to the Executive Chairman, Federal Inland Revenue Service, Mr. Tunde Fowler, about 70 percent of the over N500bn raised from the Federal Accounts Allocation Committee in June came from the non-oil sector. 

Fowler, who's Chairman Joint Tax Board, was quoted in a Monday report by Economic Confidential as saying, “Of the sum, 70 percent came from non-oil sources while only 30 per cent came from oil sources. It was the first time in 2016 that the Federal Government shared over N500bn among the three tiers of government during the FAAC meeting.”

“We are proud of the development and we tell ourselves that this is the time to fund the budget of the Federal Government from non-oil sources."

He spoke in Abeokuta, the Ogun State capital, during a visit by the 36 state chairmen of the State Boards of Internal Revenue to the Ogun State Governor, Ibikunle Amosun.

Fowler said the FIRS tax revenue collection is a combination of a robust taxpayer registration drive, tax education and engagement through establishment of the Federal Engagement and Enlightenment Tax Teams.

He said the audit of 5 key sectors, namely banking and the financial sector, aviation, power, telecoms, and oil & gas had started yielding result.

According to Fowler, FIRS has added over 700,000 new corporate accounts since he assumed office.