FIRS targets N5.9trn tax and other revenue collection for 2021

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The Federal Inland Revenue Service (FIRS) anticipates revenue collection of N5.9 trillion in 2021.

Its Chairman, Mr Muhammad Nami, announced the anticipation in Abuja on Thursday while defending the Service’s 2021 budget before the House of Representatives Committee on Finance.

He said that the 2021 budget was tailored to reposition the Service for a more effective tax collection for all tiers of government.

He added that strategies had been put in place to enable electric tax collection so as to enhance compliance with the COVID-19 safety protocol of social distancing.

Nami said that the FIRS would also deepen synergy with its state counterparts to generate more revenue for the country.

He said N289 billion was earmarked for the operations of the Service in 2021.

He explained that revenue collection anticipation was N8.5 trillion, but was reviewed to N5.3 trillion as COVID-19 reared its head.

Nami said notwithstanding the nationwide lockdown of 2020 and the adverse effects of the pandemic, the Service was able to collect N4.9 trillion in revenues.

He said that of the projected N180 million non-oil revenue, the Service was able to collect N130 million.

Nami also announced that the Service would not be recruiting new employees in 2021 saying that 60 per cent of its workforce had been staying at home since the advent of COVID-19.

Earlier, the Chairman of the committee, Rep. James Faleke (APC-Lagos), said that the significance of budget defence could not be overemphasised as it was 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.

Faleke added that subsection (1) of the section states that no money shall be withdrawn from the Consolidated Revenue Fund of the Federation except in a manner provided by the National Assembly.

“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.

“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.

Rep. Chike Okafor (APC-Imo) commended the Service for collecting 98 per cent of its targeted revenue in 2020 in spite of the pandemic. NAN.