We exceeded targets, Fowler replies Kyari's query - The Nation Newspaper

The Executive Chairman of the Federal Inland Revenue Services Babatunde Fowler has replied to a query by the Chief of Staff to the President Abba Kyari.Fowler, in his reply to the Presidency’s query, said the Service exceed its target in non oil tax collection by N1.304 trillion or 21% between 2016 and 2018.

“The highlight of these collection figures was that during the period 2012 to 2014, out of the N14,527.85 trillion, oil revenue accounted for N8,321.64 trillion or 57.28% while non oil accounted for N6,206.22 trillion or 42.72% and during the later period of 2016 to 2018, out of the N12,656.30 trillion, oil revenue accounted for N5,145.87 trillion or 40.65% and non oil revenue N7,510.42 trillion or 59.35%,” he added.

Fowler also drew Kyari’s attention to the fact that “total budget collection figure during 2012 to 2014 stood at N12,190.52 trillion compared to N16,771.78 trillion for the period 2016 to 2018 which represents an increase of 37.58%.” He added that the price of crude oil fell from an average of $113.72, $110.98 and $100.40 per barrel in 2012, 2013 and 2014 to $52.65, $43.80 and $54.08 per barrel in 2015, 2016 and 2017. He also pointed out that there was a reduction in crude oil production from 2.31mbpd, 2.18mbpd and 2.20mbpd in 2012, 2013 and 2014 to 2.12mbpd, 1.81mbpd and 1.88mbpd in 2015, 2016 and 2017 respectively.

Fowler also noted that the strategy and initiatives adopted in collection of VAT during the period 2015 to 2017 led to approximately 40% increase over 2012 to 2014 collections. According to Fowler, “in 2014, the VAT collected was N802 billion compared to N1.1 trillion in 2018.” He attributed the increase to various initiatives such as ICT innovation, continuous tax payer education, and tax payer enlightenment embarked upon by the Service.

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