About 70 per cent of over N500bn raised from the Federal Accounts Allocation Committee in June came from the non-oil sector, the Executive Chairman, Federal Inland Revenue Service, Mr. Tunde Fowler, has said.

Fowler, who is also the Chairman, Joint Tax Board, was quoted in a Monday report by Economic Confidential as saying, “Of the sum, 70 per cent came from non-oil sources while only 30 per cent came from oil sources. It was the first time in 2016 that the Federal Government shared over N500bn among the three tiers of government during the FAAC meeting.”

“We are proud of the development and we tell ourselves that this is the time to fund the budget of the Federal Government from non-oil sources.

He spoke in Abeokuta, the Ogun State capital, during a visit by the 36 state chairmen of the State Boards of Internal Revenue to the Ogun State Governor, Ibikunle Amosun.

According to Fowler, the FIRS tax revenue collection is a combination of a robust taxpayer registration drive, tax education and engagement through the establishment of the Federal Engagement and Enlightenment Tax Teams.

He said the audit of five key sectors, namely banking and the financial sector, aviation, power, telecoms, and oil & gas had started yielding result.

According to Fowler, the FIRS has added over 700,000 new corporate accounts since he assumed office.

Nigeria, he said, had a cumulative figure of 10 million registered taxpayers if the number of taxpayers of States Boards of Internal Revenue and the FIRS was added.

The FIRS chairman said the JTB had given itself a target to register at least 10 million additional taxpayers by December 31, 2016.

He said, “We have commenced tax enforcement too. We are happy that the efforts of the FIRS in collaboration with revenue stakeholders are already yielding positive result.

He thanked Amosun for approving the FIRS’ request on automated deduction and remittance of Value Added Tax and withholding tax from the point of payments to contractors in the state.

Fowler said, “Pursuant to implementing the collaboration framework, the FIRS requested for an approval of state governors to allow the automation of the process of payments on taxable transactions to enhance the deduction, at source, particularly of withholding tax and Value Added Tax.

“It is important to note and acknowledge that the Ogun state governor was the first to acknowledge and approve the implementation of the process. I thank Senator Ibikunle Amosun for the demonstration of his total support towards our efforts of making the Nigerian tax system efficient.”
http://punchng.com/70-june-allocation-non-oil-sector-fowler/

We are on the right path, time to accrue cash from non oil sources


ftc Baybee

Ok

The same way you people told us oil accounts for only 13% of the budget yet simply because of the oil attacks by the NDA 27 states cannot pay salaries snd the FG is broke.Oya continue Mr Linus

Good news

And how far is the economy?, the naira is still over 300 to a dollar.

Welcome developmwnt, although looks to me like Peter is being robbed to pay Paul because a large chunk of the said money is still from the already improvished citizens

Keep it up

Dat one join









Atleast make nigerdelta oil rest small. These ppl don too suffer abeg.

cktheluckyman:
The same way you people told us oil accounts for only 13% of the budget yet simply because of the oil attacks by the NDA 27 states cannot pay salaries snd the FG is broke.Oya continue Mr Linus

How? You don old pass this falsehood Pa C.

When did the scavengers start their drama? This year! When did Tompolo go into hiding? This year.

Weren't states owing salary long before then? Since last year!

Non payment of salary is purely about low oil prices.... Nothing else attached..

However whatever magic happened in June, God will sustain it, hatred does not fill stomachs... hate Buhari to your heart's delight but never lose sight of the fact that old pensioners are dying...

Indeed economy diversification has started yielding results more power to you elbow sir, NDA pls continue destroying your land while the country keep on moving on the right direction.

cktheluckyman:
The same way you people told us oil accounts for only 13% of the budget yet simply because of the oil attacks by the NDA 27 states cannot pay salaries snd the FG is broke.Oya continue Mr Linus

So, how come government was able to generate over N500billion in June despite the fact that your NDA are still bombing oil installations heavily?

You can continue to deny the truth but fact is, truth is the truth. This government is already looking beyond oil revenue and God willing, they will succeed in diversifying the economy away from its current dependence on oil revenue alone. Tell your bigoted NDA to keep bombing, Nigeria will find a way to survive.

Kudos to Fowler and his team, I sincerely hope they can sustain the current tempo throughout the year.

So our tax system is working.
Thanks to heaven!
A country without working tax system is doomed.

This is really breaking some hearts as can be seen. They hate the sound of good news like the sons of Beelzebub they are.

Weaning Nigeria off ND oil is a task that Must be accomplished!

No region should be allowed to hold the country to ransom. Let them keep blowing things up.

Oh really?? Is this guy serious! ?? Tomorrow, another minister will come and tell.us that the budget can't b implemented because of NDA activities...same way they told us oil money will cover jst a lil percentage of the 2016 budget...

Lies lies and lies again

Kudos to you Mr Fowler

cktheluckyman:
The same way you people told us oil accounts for only 13% of the budget yet simply because of the oil attacks by the NDA 27 states cannot pay salaries snd the FG is broke.Oya continue Mr Linus

Sad sad day for biafra! 13% of states budget or FG budget? The 2 are clearly different. .. go learn the difference. And linus biafra Nigeria will eventually survive this oil problem whether you or your terror group NDA detest it.

seunmsg:


So, how come government was able to generate over N500billion in June despite the fact that your NDA are still bombing oil installations heavily?

You can continue to deny the truth but fact is, truth is the truth. This government is already looking beyond oil revenue and God willing, they will succeed in diversifying the economy away from its current dependence on oil revenue alone. Tell your bigoted NDA to keep bombing, Nigeria will find a way to survive.

Kudos to Fowler and his team, I sincerely hope they can sustain the current tempo throughout the year.

hahahahahahaha just eating the ones that were saved in the past, the CBN governor and finance minister said in TWO months time, if nothing is done, Nigeria won't be able to pay salaries, not now, this is just to calm people down, until then.

cktheluckyman:
The same way you people told us oil accounts for only 13% of the budget yet simply because of the oil attacks by the NDA 27 states cannot pay salaries snd the FG is broke.Oya continue Mr Linus

what the are trying to do here is to wage a psychological war to the avengers and somehow make people think that the oil is inconsequential which is nonsense.the forget that the CBN governor said,should the attack on the oil installation continues till October the government will not be able to pay it workers by the way if you take away foreign corporation aside over 80% over that money is generated from the proudly 5% leaving all over the Zoo including Ada

it maybe the truth and vice versa!

cocoduck:
hahahahahahaha just eating the ones that were saved in the past, the CBN governor and finance minister said in TWO months time, if nothing is done, Nigeria won't be able to pay salaries, not now, this is just to calm people down, until then.

You dey main them? The pedophile and child rapist,the jihadist,the truncator of democracy(buhari) one day he will say we have recober billions in dollars the next day WE are canceling so,so so so and so program because of lack of funds.he employed the service of Yoruba people with their thriving Oluwale industry,and the keep twisting and and fabricating figures.if you are a BABOONS or a monkey this is not a good time for u

Wash washer washest... Dis one na to appease and giv some ppl hope....

okay

badnature:
You dey main them? The pedophile and child rapist,the jihadist,the truncator of democracy(buhari) one day he will say we have recober billions in dollars the next day WE are canceling so,so so so and so program because of lack of funds.he employed the service of Yoruba people with their thriving Oluwale industry,and the keep twisting and and fabricating figures.if you are a BABOONS or a monkey this is not a good time for u

heheheheheeeeeeh!

By 2017 dangote refinery alone can supply nigeria with about 12000megawatts of electricity, over 650000 barrels of electricity which is much more than what the whole west Africa is consuming daily, more than a million direct n indirect jobs, and again fetch more forex to the economy. Niger delta avengers should continue worsening their already oil spilled lands by continue bombing pipelines. Even with the NDA avengers, the monthly allocation shoots with over 200billion naira just from revenue collection alone.

70% indeed yet we had a revenue shortfall of over 1trn in the last six months!

The money from oil is always far greater than all these values been quoted here when the going was good!

Nigeria still needs and is fighting tooth and nail to still enjoy the oil of the Niger Delta!

So who is fooling who?

Let's the bombing continue my Niger Delta people. Your eyes go clear very soon. Bunch of lazy people.

Government should encourage, support and develop these non-oil sectors make we rest from the noises of these 'our oyel' people

pls keep d gud work up.

then lets embrace regionalism....na that time the wayo go open up... ...is it that we are just afraid to restructure this country??...