FIRS Set To Achieve Record N13 Trillion Revenue Collection In 2023 – Outgoing Chairman

The outgoing Chairman of the Federal Inland Revenue Service (FIRS), Muhammed Nami has revealed that the agency is set to achieve a record N13 trillion revenue collection in 2023.

 

NewsOnline Nigeria reports that the outgoing Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammed Nami, has hinted that the service is set to achieve a new record of a minimum of N13 trillion by the end of this year.

 

This will represent an almost N3 trillion increase when compared to the N10.1 trillion record collection that was achieved in 2022.

 

This was made known by Nami while speaking on the FIRS leadership transition a day after he was asked to proceed on terminal leave by President Bola Tinubu.

 

Nami, who revealed that the FIRS has so far collected over N8 trillion in the first 8 months of this year, noted that he is leaving the service as a fulfilled man knowing he has served diligently.

Tax-to-GDP ratio in 2 years

The FIRS boss said that they increased the Tax-to GDP ratio to 10.86% within a period of 2 years from the initial 6% as against the earlier promise to achieve that in 4 years.

• Nami said, “We have so far collected more than N8 Trillion in eight months and would have set a new record of a minimum of N13 trillion at the end of this tax year. During the inauguration of the erstwhile Board Members of the Service, I promised to raise the country’s Tax-To-GDP ratio from 6% to 10% in 4-years.
• ‘’We already have achieved a Tax-to-GDP ratio of 10.86% within two years (i.e. as at 31st December 2021.) I can, therefore, say that I am leaving as a fulfilled man knowing that I have served diligently. I am equally leaving a Service that is built on world-class best practices. Indeed, it couldn’t have been more fulfilling/’’

In case you missed it

• Recall that there were reports yesterday (September 14) that President Bola Tinubu had approved the appointment of Hon. Zacch Adedeji as the new Acting Executive Chairman of FIRS.
• The President also directed the erstwhile FIRS Chairman, Mr. Muhammad Nami, to proceed on 3 months of pre-retirement leave, as provisioned by Public Service Rule (PSR) 120243, with immediate effect, leading to his eventual retirement from service on December 8, 2023.
• Hon. Zacch Adedeji was appointed in acting capacity for a 90-day period before his subsequent confirmation as the substantive Executive Chairman of the Federal Inland Revenue Service for a term of four (4) years in the first instance.