Tuesday, March 17, 2020
Advertisement

Presidency: We had to remove Fowler to improve revenue generation

Presidency: We had to remove Fowler to improve revenue generation
December 23
13:00 2019
Advertisement

Garba Shehu, senior special assistant to the president on media and publicity, says Babatunde Fowler’s tenure as executive chairman of the Federal Inland Revenue Service (FIRS) was not renewed because of his inability to generate enough revenue.

Shehu told journalists during the weekend in Abuja that the federal government had to effect the change to solve the revenue challenge that the government is currently facing.

Fowler’s tenure as FIRS executive chairman expired on December 9 and President Muhammadu Buhari announced Muhammad Nami as his replacement.

“So, if you ask me, from my own understanding, the problem we have in this country is the revenue issue,” he said.

“We have a revenue problem because we are unable to generate as much money as it is needed to do more capital infrastructure and also service debt. Because of the low revenue earnings, people look at the size of our debt repayment and they scream.

“The government is doing something about this and I’m happy you have seen the change that has happened in FIRS, give them a chance, let see how they would perform.

“Government is optimistic that things will look upward and the revenue will improve. And once there is an inflow that is sufficient to do a lot of these things, we may not even need to borrow.”

He said the Buhari administration is borrowing to carry out essential projects.

“It is not a scandal to borrow, the bad thing about borrowing is when you deployed it to your pocket. This has happened in the past in this country, President Buhari is borrowing to do railway, to do East-West expressway, to do second Niger bridge, to do Mambilla power, to do Abuja-Kano expressway, to do Ajaokuta-Abuja gas pipeline.

“These are projects that are beneficial to the economy, these are basic infrastructure projects – railway, power – without which this country cannot achieve development.”

RECEIVE ALERTS FROM THECABLE

WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2020 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement