FIRS recovers and sequesters N4tr tax from NNPCL
By Patience Ikpeme
FIRS The Federal Inland Revenue Service (FIRS) says it has recovered N4 trillion in tax liabilities from the Nigerian National Petroleum Corporation Limited (NNPCL).
The outgoing FIRS Executive Chairman, Muhammad Nami, stated that the service “has assessed, reconciled, and recovered the outstanding tax liabilities and sequestered the funds on behalf of the federation”.
Nami made the disclosure when he handed over the reins of authority in the FIRS to his successor Dr. Zacch Adedeji in Abuja on Monday.
Additionally, Nami said that the FIRS has generated N12 trillion for the federal government from January to September 2023, including N8.5 trillion collected as tax revenue in cash and the N4 trillion recovered from NNPCL.
Nami also mentioned that these “figures do not include amounts invested by taxpayers under the Road Infrastructure Tax Credit Scheme and tax implications of waivers by the government”.
He projected that the FIRS will raise tax revenue to well over N15 trillion by the end of 2023.
The incoming acting Executive Chairman, Dr. Zacch Adedeji, emphasized the goal of creating an innovative and trustworthy tax system.
He promised to incorporate quality data into the operations of the tax system to improve efficiency and effectiveness.
Adedeji said he aims to build “a tax system that is smart, modern, and reliable, earning the trust and confidence of all stakeholders involved”.
He also highlighted the importance of engaging with stakeholders and simplifying the tax system to make it easier for people to pay their taxes.
The use of data Adedeji noted will be a key component in measuring progress, making informed decisions, and enhancing performance excellence.
