FIRS Should Grow Annual Revenue To N17trn — Economist




An Economist, Tope Fasua has advised President Bola Tinubu to push the Federal Inland Revenue Service (FIRS) to go from generating 10.1 trillion naira per year to generating 17 trillion naira in order to boast the country’s revenue.

Fasua, who was a guest on Channels Television’s Politics Today on Thursday, also suggested that the FIRS go after government-owned enterprises not remitting appropriate revenue.

“We have the FIRS (generating) N10.1 trillion; they target N12 trillion this year. You can challenge them to do 16 to 17 trillion (naira). Then you can go to all those GOEs, those government owned enterprises who will collect revenues on behalf of the people of this country and spend 95 percent on themselves,” Fasau said.

Fasua, who lamented revenue leakages in the country, said that less than 20 percent of registered companies in Nigeria deduct taxes from their staff for onward remittance to the government, adding that the government have to go for the remaining 80 percent.

He equally alleged that less than 15 percent of registered companies actually pay taxes.

The economist urged the Federal Government to sell off some moribund assets to raise funds in order to reduce its borrowings.

“Nigerian Investment Promotion Council should list alongside other investment opportunities that they have. We have Ajaokuta which is sitting moribund, a 100 billion dollar project sitting down there. You can as well sell that because you cannot run it.”

He noted that the four government-owned refineries are moribund because the country does not manufacture the equipment, adding that the refineries can no longer be managed by civil servants.

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