FIRS targets N5.9trn revenue in 2021

The Federal Inland Revenue Service (FIRS) has set a revenue target of N5.9 trillion for 2021.

NAN reports that Mohammed Nami (pictured), FIRS executive chairman, announced the target on Thursday while defending the service’s 2021 budget before the house of representatives committee on finance.

Nami said the service generated N4.9 trillion in 2020 despite the nationwide lockdown occasioned by the COVID-19 pandemic.

The tax boss said N289 billion of the proposed budget has been earmarked for the operations of the service in 2021.

He announced that the service would not be recruiting new employees in 2021, adding that 60 percent of its workforce had been staying at home since the pandemic began.

The tax boss explained that strategies have been put in place to enable electronic tax collection so as to enhance compliance with COVID-19 safety protocol adding that the FIRS would also deepen synergy with its state counterparts to generate more revenue for the country.

In his remarks, James Faleke, the chairman of the committee, said the significance of budget defence cannot be overemphasised as it is a constitutional requirement.

He said that section 80 of the constitution provides that all revenues raised shall be paid into and form part of the consolidated revenue fund of the federation.

“In response to the above, the FIRS, as a responsible and law-abiding agency, has therefore submitted the 2021 revenue estimates and expenditure to this august committee for legislative scrutiny and consideration, ” he said.

“On our part as a committee, we have the constitutional mandate under Section 62(2) of the constitution to discharge the onerous task of consideration and presentation to the plenary session.”