FIRS And New Revenue Drive
By Abubakar Yusuf
Since its inception as a major Revenue collection agency of the Federal Government over the decades,the FIRS has not witnessed the major positive tax soar as it experienced in June, hitting a high time Revenue of 650 Billion Naira in the month of June 2021.
The historic success is coming at a time after the introduction of more modest and globally acceptable platforms known as “Tax Promotion Solution” that will curb any form set back to Revenue generation, payment and remittances in Nigeria, under the leadership of the current Chairman,Federal Inland Revenue Service (FIRS), Alhaji Mohammed Nami.
The new platform,”TaxPromax Solution” has brought a major breakthrough not only in Revenue enhancement of the agency ,but a more simplified template for collection, payment and remittances of various taxes to FIRS.
The new simplified process also has a procedure that guaranteed seamless Registeration /Filing, Payment, automatic credit of WHT,credits to the tax payers account, as well as other benefits that included single view for all transactions made by tax payers.
The giant stride again has contributed majorly to FAAC allocation as the amount generatedvin the first month represented approximately 86.6% of June allocation of 750 Billion shared for the month June by FAAC.
Simultaneously, with the current improved collections,the sole funding of FAAC had improved from the previous 70% declared by the Revenue agency to an appreciable level few months after the declaration by the Chairman of FIRS.
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The positive developement coincided with the NNPC’s declaration of it’s inability to fund FAAC in the last five months consecutively,while the Nigeria Customs Service (NCS) as one of the agencies responsible for remittance to FAAC is also battling with the activities of banditry, kidnapping, smuggling and attacks from evaders of its taxes both on the land and sea boarders.
Hence ,under the new management powered by a well grounded and professional auditor cum accountant, Mohammed Nami,labour crises in the country arising from non- payment of salaries and other emoluments of workers was nipped in the bud to avoid numerous unforseen circumstances.
The current strides by FIRS in June collection had assisted the country at large and the economy of homes of many Nigerians stabilised both in performance and purchasing powers to a large extent, inspite of the global health challenges of COVID and it’s consequences as well as economic downturn.
With the current trend of improved performance through more collections as a result of the introduction of “TaxPromax Solution”,it is obvious that utilising the new template and platform further,the Revenue agency will in the last quater of the year 2021,will be able to singlehandedly fund FAAC allocations,as well as all other essentials needs arising from the financial demands of government in the area of both recurrent and capital expenditure/projects.
It will also inturn contribute to the Gross Domestic Product GDP,as well as per capital income to attract both local and foreign investors, towards redressing the lame economic indices that Nigeria is not only an exception.
The aggressive and renewed policies and programs of Nami’s leadership in FIRS, no doubt will not only drive the country economy into a more robust perfomance,but capable of triggering quick recovery from the global economic downturn in the nearest future.
The appreciable performance will also throw more challenges to State internal Revenue services to improve on internally generated revenue IGR to be able to fund some major projects in states.
Yusuf Writes From Abuja.
