Lagos – The President, Professional Shareholders Association of Nigeria, Mr Godwin Anono, on Thursday said the focus of the federal tax agency should be on increasing tax revenue from the informal sector.
He told the News Agency of Nigeria (NAN) in Lagos that Nigeria’s revenue would swell astronomically if more focus was given to derive tax income from the informal sector.
Anono said this against the backdrop of the appointment of Mr Babatunde Fowler, the new Executive Chairman for the Federal Inland Revenue Service (FIRS) by President Muhammadu Buhari.
Fowler was the former Chief Executive Officer/Executive Chairman of the Lagos State Board of Internal Revenue (LIRS) and replaces Mr Samuel Odugbesan as the new FIRS boss.
Anono said: “Our nation’s infrastructure deficit will be resolved with increased revenue from tax.
“Our economy will rebound again despite the declining crude oil prices in the international market.
“Fowler’s appointment is commendable given his previous achievements.“
Anono said that the former Lagos internal revenue boss performed excellently in his earlier public assignment and turned the state’s revenue around.
“Lagos can now boast of substantive revenue from its local economy.
“The LIRS activities under Fowler have supported the Lagos Government to meet its obligations easily,’’ he said.
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He said that Fowler’s appointment was timely considering that Nigeria’s revenue earnings could not adequately address the economic challenges under the difficulty that confronted the nation.
NAN reports that Fowler’s regime shot up the Lagos State revenue earnings from N3.6 billion monthly to an average of N20.5 billion monthly. (NAN)
