Home Business Non-oil sector now accounts for 54% of Nigeria’s revenue – Fowler

Non-oil sector now accounts for 54% of Nigeria’s revenue – Fowler

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Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS), Mr Tunde Fowler speaks during an exclusive interview with Reuters in Abuja, Nigeria, September 21, 2016. Photo taken September 21, 2016. REUTERS/Afolabi Sotunde

Chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler has noted that Nigeria now earns 54 percent of its revenue from non-oil sources.

Fowler who spoke on Thursday at the flag-off ceremony of the Joint Tax Board (JTB) for Taxpayer Identification Number (TIN) and inauguration of Anambra state stamp duties office in Awka, emphasised that the country’s economy was gradually moving away from oil to non-oil.

Specifically, he noted that the growth in FIRS’ revenue collection by 53.81 percent was from N3.30 trillion in 2016 to N5.32 trillion in 2018, saying the 2018 total collection of N5.32 trillion was the highest collection ever in the history of FIRS in the country.

According to him, out of the total collections, non-oil revenue stands at N2.85 trillion accounting for about 54 percent of the total revenue collections for the period. He expressed confidence that Nigeria will longer be depending on oil for her economic development.