Revenue generating agencies contributed a cumulative N6.1 trillion into the Federation Account for distribution to its various beneficiaries by Federation Account Allocation Committee (FAAC) in the first 10 months of the year according to executive chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami.
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Nami who spoke in Abuja, however, said his agency alone contributed N3.7 trillion of this sum due mainly to global financial meltdown occasioned by coronavirus pandemic, which led to lockdown in most countries of the world.
“If you look at it from a cumulative perspective from January to date, total revenue contributed to FAAC by the four agencies responsible stood at ₦6.1trn and out of this, ₦3.7trn came from FIRS, that is 63 per cent of the money.”
He, therefore, appealed to Nigerians and indirect tax collection agents for VAT and Stamp Duty to ensure that they remit such taxes promptly so that governments are able to meet their responsibilities to citizens.
Nami disclosed that the N4.178 trillion represents 98 per cent of prorated revenue target of N4.230 for the period adding that revenue target for the 2020 financial year was N5.776 trillion.
He explained that performance between January and October would have exceeded target but for the tax palliative granted to small businesses during the period, FIRS would have fully met and probably surpassed its target.
On the controversy over responsibility for collection of stamp duty, the FIRS boss said it was part of his agency’s core mandate.
“We are not usurping anybody’s power, but it is somebody who wanted to take our power from us because if our responsibility as revenue-generating units is to assess, collect and account for tax, it will be unfair for an agency of government to now say that they want to collect irrespective of the way the tax is called.
“I want you to also remember that that the first tax introduced in Nigeria by colonial masters in 1904 was stamp duty. So, if someone is coming up in the year 2019, 2016 or 2020 to say this he is the one who should administer this, I think it should be strange to all of us.”
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