70% Of June Allocation Came From The Non-Oil Sector – Tunde Fowler
About 70 per cent of over N500bn raised from the Federal Accounts Allocation Committee in June came from the non-oil sector, the Executive Chairman, Federal Inland Revenue Service, Mr. Tunde Fowler, has said, according to the Punch.
Fowler, who is also the Chairman, Joint Tax Board, was quoted in a Monday report by Economic Confidential as saying, “Of the sum, 70 per cent 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.
According to Fowler, the FIRS tax revenue collection is a combination of a robust taxpayer registration drive, tax education and engagement through the establishment of the Federal Engagement and Enlightenment Tax Teams.
He said the audit of five key sectors, namely banking and the financial sector, aviation, power, telecoms, and oil & gas had started yielding result.
According to Fowler, the FIRS has added over 700,000 new corporate accounts since he assumed office. Nigeria, he said, had a cumulative figure of 10 million registered taxpayers if the number of taxpayers of States Boards of Internal Revenue and the FIRS was added.
The FIRS chairman said the JTB had given itself a target to register at least 10 million additional taxpayers by December 31, 2016. This milestone is widely being applauded in Nigeria especially during a period of time Niger Delta militants have been orchestrated an economic sabotaged aimed at oil facilities to strong-arm the government into securing sectional interests.