Nigeria to realize US$24.9 billion from tax revenue this year

Nigeria is to realize at least 24.9 billion U.S dollars from tax revenue this year, a target set by the western African country to improve taxation and fund its 2016 national budget, authorities said Thursday.

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The Federal Inland Revenue Service (FIRS), Nigeria’s national tax agency, was given the target as a means of ensuring that the current drop and vagaries in global oil prices will not derail the nation’s 2016 budget, Finance Minister Kemi Adeosun said in Abuja.

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“Realizing the tax target is not a joke. We need everybody to do his or her beat to ensure that everybody contributes to the achievement of the target. FIRS must deliver, because the whole nation will depend on it to fund the budget. We need the money to stabilize the economy,” the official said.

Nigeria’s tax chief Tunde Fowler told Xinhua all hands will be on deck to achieve the new target, with 40.35 percent or more than 10 billion USD of the total tax revenue coming from value added tax.

Last year, Nigeria’s income tax stood at 18.78 billion USD but the tax chief said there will be no excuse of not meeting up with the new target, especially as the government is looking to non-oil taxes to bridge the revenue gap. Enditem

Source: Xinhua

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