State’s revenue collection rises by 46.11 percent

Photo: FIRS Executive Chairman Tunde Fowler presenting a book on on President Muhammadu Buhari: BEING BUHARI, Taxpayers Are Kings, at the North- Central launching of the new Taxpayers Identification Number (TIN) by the Joint Tax Board, JTB to the Deputy Governor of Kwara State, Mr. Kayode Alabi in llorin

Chairman, Joint Tax Board (JTB), Mr. Babatunde Fowler, has disclosed that revenue generation at the sub-national level rose from N800.02 billion to N1.6trillion, representing 46.11% between 2016 and 2018.
Fowler made the disclosure yesterday in his welcome address at the North-Central zone regional flag-off of the New Tax Identification Number (TIN) Registration System and National Consolidated Taxpayer Database, which held at the Banquet Hall of the Kwara State Government House, Ilorin.
According to Fowler, the jump in revenue collection by states has been underpinned by the economic policies of the Federal Government, which, among other things, have resulted in the expansion of the national tax base from 10million to 20million and is expected to rise to 45million by the end of the year; growth in the collections by the Federal Inland Revenue Service (FIRS) from N3.30 trillion in 2016 to N5.32 trillion in 2018, the highest ever and representing 53.81%; while non-oil revenue climbed to N2.85trillion, an equivalent of 54% of total revenue generation.
Fowler, who is also FIRS Chairman, explained that the New TIN Registration System is underpinned by a common desire by stakeholders to drive the financial regeneration of the country. This desire, he added, will be strengthened by the new system, which will lay the foundation for government at all levels to have access to the funding required to drive socio-economic growth and development exclusive of aids, grants and borrowing.
He noted that the choice of Kwara State for the North-Central regional flag-off of the New system was strategic. The state, he explained, has, over the last four years, been a leading light in ensuring sustainable internally generated revenue profile for the itself and the region.
“Having achieved a 221% increase in its collection from N7.1billion in 2015 at the time of attaining its autonomous status to N23billion in 2018, Kwara State Internal Revenue Service (KWIRS) has become a benchmark for revenue authorities not just within the North-Central Region, but nationwide as well. “It is worthy of note that KWIRS is the only state revenue agency to in the country to have been ISO certified, with ISO 9001 for Quality Management System and ISO/IEC 22301 for Business Continuity Management System,” said Fowler.
He added that other states in the region are not left behind, noting that Niger State and Nasarawa State are among the top 15 states with an annual growth rate in excess of 20%.
The New TIN Registration System, Fowler explained, improves the efficiency and output of the entire tax administration process and enhances convenience to the taxpayers as well as the tax administrators, while guaranteeing that each taxpayer’s details are readily available to them at all times and anywhere.
“A significant feature of the New System is that it possesses the capability to integrate with all relevant agencies by leveraging on already captured data. With its ability to deploy analytics to discover underlying correlating trends and patterns, better visibility of the taxpayer is assured inherently leading to increased Internally Generated Revenue (IGR) for all tiers of government. “Thus, the new system reduces the burden of taxpayer information management, while at the same time significantly reducing the cost of collection,” said Fowler.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker