August 19, 2021

The Federal Inland Revenue Service (FIRS) says that the social networking platform, Twitter and others are already registering with the agency, as it has projected generating N10.104 trillion revenue for the 2022 financial year, according to its chairman, Muhammad Nami.

According to Channels Television report, Nami stated this when he appeared before the House of Representatives Committee on Finance on Wednesday, in Abuja, at a public hearing by the committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The FIRS noted that is raising its revenue projections from N5 trillion in 2021 to over N10 trillion in 2022 as it expects the impact of those registrations to take effect with the formal capturing of Facebook, Twitter and other social media platforms into the country’s tax net.

Rep James Faleke, the chairman of the committee, urged the FIRS management to put in the required determination, to ensure that the target was met.

He also commended the previous effort of the FIRS at ensuring that their revenue generation targets were met, while urging the service to strive to do more in its revenue generation mandate.

The lawmaker had earlier described the MTEF and FSP, with a three year plan, as a major feature of the annual budget preparation cycle, saying that it provided the basic estimates and assumptions for the annual budget.