The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr.Β Tunde Fowler, Tuesday said the agency was targeting about N750 billionΒ revenue from about 55,000 defaulting taxpayers.
He told the House of Representatives joint committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), during a budget defence session that the substitution led to recovery of N23.25 billion.
He restated that the 85 per cent of VAT collected goes to State Governments. Fowler said:βFrom the Bank Accounts substitution exercise,
