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In what can be described as a resounding success story for the Buhari administration’s re-engineering of the Nigerian economy away from its major dependence on crude oil, do you know that both the Nigerian Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) have just reported that they earned a total amount of 8.6 trillion Naira tax revenues for the federal government in the year 2021?
The figure, which was made known during the public presentation and breakdown of highlights of the 2022 budget by the Executive Chairman of the FIRS, Mr. Muhammad Nami, showed that while the Customs Service earned 2.2 trillion Naira, the FIRS on the other hand earned 6.4 trillion Naira, and they both represent an increase of about 70% above their set target for the outgone year.
Essentially, what this means is that there has been an increase in taxable productive economic activities within the country in the year under review, which is an irrefutable proof of a growing non-oil economy, and which also means the economic diversification agenda of the Buhari administration is heading in the right direction and the trajectory should be sustained.
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