Tunde Fowler, the Federal Inland Revenue Service (FIRS) chairman, has replied to the query from President Muhammadu Buhari on the agency’s inability to meet revenue projection target.
Abba Kyari, on behalf of the president, had queried Fowler to explain “significant variances between the budgeted collections and actual collections for the period 2015 to 2018” and FIRS’s inability to meet the target.
Fowler, in response, said: “The non-oil revenue collection grew by N1,304.20 trillion or 21 percent within the period 2016 to 2018” adding that “the 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 represent an increase of 37.58 percent.
“Please note that the variance in the budgeted and actual revenue collection performance of the service for the period 2016 to 2018 was mainly attributed to the following reasons:
The low inflow of oil revenues for the period especially Petroleum Profit Tax (PPT) was due to the fall in the price of crude oil and reduction of crude oil production. Notwithstanding government efforts to diversify the economy, oil revenues remains an important component of total revenues accruable to the Federation. 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.”
Continuing, he noted, “There was also 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” the letter explained. Secondly, he noted that “the Nigerian economy also went into recession in the second quarter of 2016 which slowed down general economic activities.
“Tax revenue collection (CIT and VAT) being a function of economic activities were negatively affected but the actual collection of the above two taxes were still higher in 2016 to 2018 than in 2012 to 2014. During the years 2012, 2013 and 2014, GDP grew by 4.3%, 5.4%, and 6.3% while in 2015, 2016 and 2017 there was a decline in growth to 2.7%, -1.6% and 1.9% respectively. The tax revenue grew as the economy recovered in the second quarter of 2017.
“It is worthy of note that strategies and initiatives adopted in the collection of VAT during the period 2015-2017 led to approximately 40 percent increase over 2012-2014 collections. In 2014 the VAT collected was N802billion, compared to N1.1 trillion in 2018. This increase is attributable to various initiatives such as ICT innovations, continuous taxpayer education, taxpayer enlightenment, etc embarked upon by the Service.”
He added, “It is pertinent to note that when this administration came on board in August 2015, the target for the two major non-oil taxes were increased by 52 percent for VAT and 45 percent for CIT. “Notwithstanding the increase, FIRS has in line with the federal government’s revenue base diversification strategy has grown the non-oil tax collection by over N1.304 trillion (21 percent) when the total non-oil tax collection for 2016-2018 is compared to that of 2012-2014.”
At 31, Lagos-born Espago is redefining what it means to be a late bloomer in the Nigerian music
space. After spending years as a chef, designer, and farmer, Espago turned to music just a year
ago on a journey sparked by deep loss, life experience, and self-discovery.
What makes him different? It’s not just his sound, it’s his story. Espago brings a calm but
confident energy that mirrors his Lagos upbringing: a blend of vibrant Fuji rhythms and soulful
Afrobeat traditions like King Sunny Ade, shaped by global legends like Michael Jackson and
Celine Dion. His voice? Professionally trained. His brand? Stylish, grounded, and intentional.
Espago didn’t wait for the industry to find him; he found his own way in, teaching himself,
searching out producers, and building his identity from scratch. With no major label backing and
no big-name features, he has still built a brand marked by boldness, emotion, and Lagos street
authenticity.
He’s not just making music; he’s building a lifestyle brand. His creative roots are in food,
fashion, and music fused into something richer than just a “sound.” It’s a full experience. While
he hasn’t performed live yet, he’s putting in the work behind the scenes, mentoring new artists,
recording regularly to sharpen his voice and brand for bigger stages ahead.
In a scene dominated by speed, Espago’s journey is about intentional growth, honest
expression, and emotional connection.
As the new class of Afro‑HipHop begins to take shape, Espago stands out not just for what he’s
making, but for who he is becoming.
Rising artist Derriq isn’t just making music for entertainment; he’s building a legacy rooted in culture, resilience, and pride. The Lagos-based Afro-soul and Afrobeats singer has his eyes set on something bigger than streaming numbers: putting his hometown of Benin City on the global creative map is his dream.
A native of Edo State, Derriq’s musical journey began as a child organizing school parties just for the chance to perform. Since then, he’s gone from studio assistant to full-fledged artist, releasing impactful tracks like “Position,” “Vibration,” and “Confidence.” His sound, described as smooth, calm, and party-ready, reflects the duality of his personality: laid-back yet determined, quiet but powerful.
Derriq is more than just a promising name on Nigeria’s growing music roster; he’s a symbol of the next generation of artists who blend regional identity with global appeal using his distinctive voice, a strong sense of direction, and his signature slang “Yehboo! Yezaiii!” making waves among fans, Derriq is proving that cultural authenticity still cuts through the noise.
His next single, “Omo n’ Ogie,” is a tribute to his heritage and a signal that he’s just getting started. Keep your eyes on Derriq, he’s not just singing for the moment, he’s singing for a movement.
Follow @DerriqMusic on all social platforms
For interviews and press: derriqmusic@gmail.com
Good morning! Here is today’s summary from Nigerian Newspapers:
1. President Bola Tinubu will address the nation in a broadcast today, Sunday, August 4, 2024. Mr Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday, saying the broadcast would hold at 7am.
2. The Commissioner of Police in Borno State, Yusuf Lawal, on Saturday confirmed the killing of four persons along Baga Road in Maiduguri, Borno State during the nationwide #EndBadGoverment protest. He said Boko Haram elements infiltrated the protesters and killed four persons on Thursday with explosives at a filling station.
3. Many persons have been feared killed while others sustained injuries as hoodlums clashed with security operatives in Kano. It was gathered that Rijiyar Lemo, Kurna to Bachirawa areas in Fagge Local Government, Kofar Nassarawa in Kano municipal and Unguwa Uku area of Tarauni Local Government are the worst hit areas.
4. The leadership of the organised labour, on Saturday, warned the Nigeria Police Force and other security forces to stop what it described as a “massacre” of protesters carrying out nationwide demonstrations against hunger in the land.
5. Leading Human Rights group, Amnesty International Nigeria, has said over 50 protesters were arrested in Abuja on the third day of the demonstration against hardship in the land.
6. Former Vice-President Atiku Abubakar has urged the police and other security agencies to stop shooting and killing protesters demanding good governance in Nigeria. Atiku in a statement on Saturday, questioned the professionalism of the security agencies in the handling of the ongoing demonstrations.
7. Some of the organisers and supporters of the ongoing protest have set up pages to raise over N4bn through GoFundMe, a popular online crowdfunding platform. A check on Saturday showed that a total of N4.1bn had been benchmarked to be donated through accounts created by three GoFundMe users.
8. Tragedy struck again in Imo State on Saturday evening when some gunmen reportedly shot dead the President-General of Umucheke Okwe autonomous community in Onuimo Local Government Area of Imo State, Hyginus Ohazurike. Six village heads from the autonomous community were also allegedly killed by the gunmen.
9. The Federal Capital Territory Commissioner of Police, Bennett Igweh has said his men were not responsible for the death of a teenager in the Kubwa area of the FCT. In a viral video, a man claimed that police, while dispersing protesters, shot dead a teenager in the Kubwa area.
10. The Minister of Budget and Economic Planning, Atiku Bagudu has said President Bola Tinubu is keeping an eye on the ongoing #EndBadGovernance demonstrations across the country.
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