The nation is in a revenue crisis and require urgent steps change the narrative, the new Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, has said.
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September 18, 2023
We ‘re in revenue crisis- new FIRS boss
We ‘re in revenue crisis- new FIRS boss
…N8.5 trn collected by mid Sept- Nami
Emma Ujah, Abuja Bureau Chief
The nation is in a revenue crisis and require urgent steps change the narrative, the new Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, has said.
Receiving handover notes from.his predecessor, Muhammad Nami, in Abuja, this afternoon, Dr. Adedeji said that about 96 percent of the Federal government revenue was spent on debt servicing, last year.
The situation, according to him was not sustainable.
His words, “We are in revenue crisis. Government revenue is low amid a huge public debt.
“Last year, 96 per cent of government revenue went into debt servicing. Where debt has grown bigger than the Gross Domestic Product (GDP) and debt servicing faster than revenue, immediate actions have to be taken to remedy the situation.”
The outgone Chairman disclosed, however, that the Service was on its to setting a new revenue record in 2023, having collected N8.5 as at September 14.
