2020 Budget: FIRS to raise #8.5 trillion to boost Nigeria Economy due to damages caused by covid 19.

The executive chairman, Federal Inland Revenue Service, FIRS, has said they would take all necessary steps to raising 8.5 trillion Naira.

The Federal Inland Revenue Service, FIRS, recently reaffirmed their commitment to the raising of this amount of money to help the Nigeria 2020 budget. This was made known by the executive chairman, Muhammed Nami in an interview conducted by Premium Times.

In the interview, he was asked how the FIRS would help Nigeria out of the financial crises she is presently in like any other nation of the world due to the damages causes by COVID 19.

He assured the general public that such damages caused by the trending virus has made a time like this to be a trying time for both business owners and taxpayers in general.

“No doubt this is a very trying time for business owners and taxpayers generally. We feel for them, we sympathise with their situations right now, and we pray that the world overcomes this dreadful condition as soon as possible so that businesses can thrive again.”

Notwithstanding, the duty of the institution must continue all for the interest of Nigeria as a whole. As the incoming we are targeting is for the three arms of government

“Against this seamy economic background, the Federal Inland Revenue Service is saddled with the task of raising N8.5 trillion in revenue this year. We are, however, determined to meet this target to help the three arms of government fund their 2020 budgets.”

“We are determined to scale the huddles by doubling up our efforts to collect all taxes due to the federal government even though we are aware that the purchasing parity of Nigerians is dwindling right now and that people are generally reluctant to pay taxes.

The tax culture in Nigeria at the moment is really not encouraging, if you ask me. We are also going to work on that too as we move along. We will apply some level of diligence in collecting taxes particularly indirect taxes like VAT and the stamp duty which the Finance Act 2019 gives us the right to collect.

The FIRS is determined to do everything possible to insulate the Nigerian economy from a probable downward slide or recession which many are predicting would hit the global economy as a result of the pandemic.

Through the indirect taxes available to government like VAT and stamp duty, etc, we are confident that FIRS would be able to generate enough revenue for the government to fund its 2020 budgetary provisions (particularly the budget deficit) and make good its promise of providing key infrastructures, social amenities, fight insecurity, and stop further borrowing.”

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