An Economist, Tope Fasua has advised President Bola Tinubu to push the Federal Inland Revenue Service (FIRS) to go from generating 10.1 trillion naira per year to generating 17 trillion naira in order to boast the country’s revenue.
Tope Fasua, a well-known economist has given his take on how the Nigerian government can improve its revenue. During an appearance on Channels Television’s Politics Today on Thursday, Fasua recommended that the Federal Inland Revenue Service (FIRS) increase its revenue target from 10.1 trillion naira to a staggering 17 trillion naira.
“We have the FIRS (generating) N10.1 trillion; they target N12 trillion this year. You can challenge them to do 16 to 17 trillion (naira). Then you can go to all those GOEs, those government-owned enterprises who will collect revenues on behalf of the people of this country and spend 95 percent on themselves,” Fasau said.
Fasua also advised that the FIRS should focus on government-owned enterprises (GOEs) that are not remitting the appropriate revenue. He remarked that GOEs collect revenue on behalf of the people but spend 95% of it on themselves, leaving the government without the necessary funds.
“Nigerian Investment Promotion Council should list alongside other investment opportunities that they have. We have Ajaokuta which is sitting moribund, a 100 billion dollar project sitting down there. You can as well sell that because you cannot run it.”
In addition, Fasua proposed that the Federal Government list moribund assets such as Ajaokuta, one of the largest steel complexes in the world, which he valued at a whopping $100 billion. He suggested that selling off these assets can reduce the government’s need for borrowing and get income for much-needed projects.
He noted that the four government-owned refineries are moribund because the country does not manufacture the equipment, adding that the refineries can no longer be managed by civil servants.
Fasua noted that the government-owned refineries are no longer functional, mainly because the country does not manufacture the necessary equipment. As a result, he urged the government to find reliable management for the refineries. Furthermore, the economist lamented that less than 15 percent of registered companies in Nigeria pay taxes. He called on the government to take action and go after the remaining 80 percent.
Overall, Fasua’s suggestions highlight the need for the government to address critical issues that have suppressed Nigeria’s growth, a move that will help the country build a strong and robust economy.
