Acting Executive Chairman Babatunde William Fowler, yesterday during the screening for his confirmation as Tax Boss at Senate said that The Federal Inland Revenue Service (FIRS) is targeting to raise N4.5 Trillion through taxes in 2016 for the nations coffers.
He also noted that the revenue from the country’s Value Added Tax (VAT) would be increased from N500m to N2.5trillion in 2016. He stated “Our projection of N4.5trillion does not include an increase in VAT. This is because we are of the view that tax should be fair.”
He also spoke on the possibility of adequate funding for the proposed N8 trillion budget for 2016 saying: “The Vice President was not aware of this projection before disclosing the proposed N8tr budget but the budget is possible. If oil can generate N1trillion, Customs and FIRS can generate N4.5tr, so the budget of N8tr is quite doable.”