The collapse of oil price from $112 a barrel in 2014 to all time low of $28 in February 2016 brought Nigeria’s economy, which is highly dependent on oil sales to its knees.
Nigeria eventually slipped into recession, after the latest growth figures showed the economy contracted 2.06% between April and June 2016.
The over reliance on oil made the country to abandon all its potential revenue sources such as taxation, manufacturing and tourism.
The economic quagmire had prompted both the state and federal governments to resort to taxes from various sectors previously neglected to shore up the revenue.
With effective good administration and collections, most developed countries use tax revenue for infrastructural development.
Speaking in the half an hour TV documentary programme, titled, ‘FIRS Moments on Boldfaces’, FIRS Executive Chairman, Mr. Tunde Fowler stated that the mandate of the FIRS remained the same since he took the mantle of leadership. He said it was basically to “fund all tiers of government”, adding that revenue collected is shared among the federal, state and local governments. According to him, 85per cent of the Value Added Tax (VAT) goes to the state government while 15 percent goes to federal government.
FIRS Moments on Boldfaces documentary highlighted the FIRS Services and the Executive Chairman’s innovative ideas in the area of revenue generation. It also showcased the bold strides of Mr. Tunde Fowler in FIRS, including the generation of N4.3trillion in 2017.
In the first quarter of 2018, (January-March) FIRS generated N1.171 trillion compared to N778.1 billion in 2017. This was N393.3 billion more than the 2017 collection in the corresponding period last year and represented a 51 per cent increase in collection.
The tax revenue has assisted the federal government grow the economy and in return has helped government in fulfilling its social and developmental activities to our people.
The anchor and Producer of Boldfaces, Tricia Eseigbe, was at the headquarters of the Federal Inland Revenue Service Abuja to present the official DVD copy of the documentary, which was produced in collaboration with the FIRS and Directed by Kingsley Kerry.
FIRS Moments On Boldfaces, also featured top FIRS executive tax team including the Coordinating Director, Domestic Tax Group & Special Advisor to the Executive Chairman, Mr. Abiodu Aina, who spoke on tax registration and stamp duty.
Aina reiterated that simplicity is the key word in tax registration. It’s so much easier to register now as a tax payer in Nigeria than it used to be, he stressed.
Fowler spoke on FIRS revenue generation and how it has helped the federal government in providing, good roads, healthcare services, education, security, infrastructure, as well as a conducive environment for business to grow. He said it has also improved the taxpayers’ standard of living across the nation.
Tricia Eseigbe in the documentary stated that if all income earners will pay the right amount of tax, then government can collect more money to support its objectives such as building roads, schools and improved government services and taxpayers can feel secure wherever they reside.
She urged Nigerians to tune in and watch The FIRS Boldfaces Documentary, which captures the realities of FIRS, “Plugging the Gap” mission and the Executive Chairman’s creative strategies in achieving this set goals of Persuasion, Engagement and Enforcement. Paying the right amount of tax is a social responsibility to our nation’s growth, she enthused.
FIRS Moments On Boldfaces Documentary is currently showing on local and international TV network including AIT, NTA and CHANNELS TV on weekdays and weekends as well as online broadcast via our boldfacesonline.com website, BoldfacesTV YouTube channel, Facebook, Twitter and other Prominent internet blog sites/ TV.