FIRS Boss Says N500bn of N696bn Shared By FG, States In July Came From Taxes 

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, on Monday restated the importance of paying taxes, after revealing that N500 billion out of N696 billion shared by the three tiers of government as July allocation come from taxes and stamp duty.

Speaking in a television programme, Nami said tax revenues generated by the FIRS have kept the Nigerian economy going despite the devastating effects of the COVID-19 pandemic.

The FIRS boss therefore urged Nigerians and corporate bodies in the country to continue to pay their taxes as and when due to help keep the nation’s economy running.

He said: “Nobody wants to pay tax but payment of tax is necessary. There is never a time that is appropriate for somebody to pay taxes. You can see it all over the world.

“This belief that with oil money we are rich is false. What you see the federal, states and local governments sharing at the federation account meetings monthly comes largely from taxes paid by Nigerians or body corporate. At the FAAC meeting in July, the total amount shared among the three tiers of government was N696 billion.

” From this amount, 30 per cent came from revenue generating agencies such as NNPC and Customs.

 ” The remaining 70 per cent which is almost N500 billion, came from tax money that you paid, including stamp duty. “Without this money, there will be chaos everywhere. You are looking at issues relating to COVID-19 and the impact it is having on businesses today. People are actually losing jobs but it would be worse if taxes are not paid .”