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Non-oil revenue now accounts for 54 percent of Nigeria’s earnings – Fowler

Non-oil revenue now accounts for 54 percent of Nigeria’s earnings – Fowler

 

The chairman ofFederal Inland Revenue Service (FIRS), Tunde Fowler, on Thursday said Nigeria’s economy was gradually moving away from oil to non-oil.

Fowler stated this at the flag-off ceremony of the Joint Tax Board (JTB) for Taxpayer Identification Number (TIN) and inauguration of Anambra state stamp duties office in Awka.

According to him, the growth in FIRS’ revenue collection by 53.81 percent was from N3.30 trillion in 2016 to N5.32 trillion in 2018, saying the 2018 total collection of N5.32 trillion was the highest collection ever in the history of FIRS in the country.

 

He said out of the total collections, Non-Oil Revenue stands at N2.85 trillion accounting for about 54 percent of the total revenue collections for the period.

The JTB chairman said that Nigeria can longer be relaying on oil for her economic development.

 

The new JTB national TIN registration system is a robust application developed to assign Taxpayer Identification Number to all potential corporate and individual taxpayers that have been uniquely identified and registered by identity management agency such as Corporate Affairs Commission (CAC), National Identity Management Commission (NIMC) and the Nigeria Interbank Settlement System.