The Buhari Media Organisation (BMO) has commended the Federal Inland Revenue Service (FIRS) for exceeding its revenue target in the second quarter (Q2) of 2020.
The agency generated N19.15 billion above its N1.27 trillion target, and according to BMO, it was a vindication of its stance on the appointment of a seasoned tax administrator, Mohammed Nami, as FIRS chairman.
In a statement signed by its Chairman, Niyi Akinsiju. and Secretary Cassidy Madueke, BMO said that President Muhammadu Buhari’s decision to bring in a new management into the agency has proved to be worthwhile.
“When we described the appointment of a new FIRS chairman in December 2019 as ‘timely and auspicious’, it was because we knew that the tax collection agency could do better.
” Now, the Q2 report of a N1.29 trillion tax revenue has proved that the President was right to think that the FIRS could do better than it was doing under the erstwhile chairman, Babatunde Fowler.
“We also invite Nigerians to note that this is the first time in five years that the FIRS would be surpassing its revenue target. It is also instructive that the feat was recorded without the use of consultants,” the group said.
BMO added that FIRS performance report for the second quarter of the year is a confirmation that the Buhari administration is building a more structurally resilient economy.
“A cursory look at the detailed report showed that N848 billion or 65.8% of the tax receipt came in as non-oil taxes.
“We see this as a clear indication of increased economic activities outside of the oil sector for the tax revenue to be as high as the figure recorded.
“It is equally important to note that this came in the same Q2 that the country’s GDP suffered a 6.10% decline as a result of a massive drop in global oil price and the Covid-19 crisis.
“So for the FIRS to exceed its revenue target for the first time since Q2 of 2015, it is certain that there are better years ahead for Nigeria and Nigerians.
“We, however, sincerely hope that FIRS would not rest on its oars in the remaining quarters of the year.”
The group also reassured Nigerians that President Buhari would continue to provide strong leadership for the nation’s revenue-generating agencies to succeed.