The outgoing Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammed Nami, has projected that the service will achieve a new revenue collection record of at least N13 trillion by the end of this year in view of its ongoing drives.
If the projected target is met, it would imply that the federal revenue agency surpass its 2022 actual collections of N10.1 trillion by about N3 trillion in the current fiscal year.
Nami, who made this forecast while speaking on the FIRS leadership transition on Friday, disclosed that the FIRS had collected over N8 trillion from January to August this year.
According to him, the revenue service had in the last two years helped to increase Nigeria’s Tax-to-GDP ratio to 10.86% from the initial 6% and his earlier promise to achieve that in four years.
The seasoned tax administrator expatiated: “We have so far collected more than N8 Trillion in eight months and would have set a new record of a minimum of N13 trillion at the end of this tax year. During the inauguration of the erstwhile Board Members of the Service, I promised to raise the country’s Tax-To-GDP ratio from 6% to 10% in 4-years.
‘’We already have achieved a Tax-to-GDP ratio of 10.86% within two years (i.e. as at 31st December 2021.) I can, therefore, say that I am leaving as a fulfilled man knowing that I have served diligently. I am equally leaving a Service that is built on world-class best practices. Indeed, it couldn’t have been more fulfilling’’, Nami added.
President Bola Tinubu had yesterday approved the appointment of Dr. Zach Adedeji as the new Acting Executive Chairman of FIRS and directed Nami to proceed on three months of pre-retirement leave, as provided for in the Public Service Rule (PSR) 120243, with immediate effect, which will culminate in his retirement from public service on December 8, 2023.
Adedeji will function in acting capacity for a 90-day period before his appointment will be confirmed by the National Assembly based on the request by the President and he is expected to serve as substantive Executive Chairman of the FIRS for four-year tenure in the first instance.
