Nigeria’s economy will not collapse but continue to experience boom in spite of the International Monetary Fund’s (IMF), says the Federal Inland Revenue Service (FIRS).
Chairman of the FIRS Babatunde Fowler stated this on Monday at the opening session of the 140th quarterly meeting of the Joint Tax Board.
The IMF and World Bank had reported that any nation with a Gross Domestic Product, GDP, below 15 per cent was at risk of economic crises.
However, Fowler said, “With all the measures introduced to diversify the economy since we came on board, our GDP that was 6% in 2016, has increased in 2017. We are not there yet, but we are gradually improving.”
In addition, he lauded governor Rauf Aregbesola’s policies, especially on taxation.
“What Aregbesola has done in increasing tax revenue in Osun is amazing; while the Federal Inland Revenue Service is advocating for at least 25% increment from states, it is worthy of note that Aregbesola has increased the tax revenue of Osun above 30% between 2016-2017,” he added.
SOURCE – Concisenews
