The Federal Inland Revenue Service (FIRS) has expressed its commitment to raise Nigeria’s Gross Domestic Product by 20 percent with taxes before the end of year 2018.
This was revealed in a communique after the Joint Tax Board where it said the country’s tax administrators have a sense of responsibility to Nigerians.
“Revenue authorities nationwide should ensure that all efforts are made to increase the national tax revenue to the Gross Domestic Product ratio to at least 20 percent by December 31, 2018,” the communique said.
According to the Executive Chairman (FIRS) Tunde Fowler, “Our sense of responsibility stems from the fact that the nation is relying on us to provide it with adequate funds with which to fund its development objectives.
“Moreso now that we can no longer rely on oil revenue as the major source of funding, we have to seek innovative ways to maximise non-oil revenue collection.”
He added that “Nigeria’s tax-to-GDP ratio is still one of the lowest in the world and we have to increase this significantly if we are to provide the funds that will give us meaningful development and take the country back to the days when things worked.”