Nigerian economy is expected to bounce back in the first quarter of next year says Zainab Ahmed, Minister of Finance. She made this knownduring a courtesy visit paid to her by member of the board of the Federal Inland Revenue Service (FIRS). She said she is optimistic because the coronavirus pandemic had a minimal impact the economy. According to her, the pandemic shocks “have not manifested as expected, and that the pandemic has not impacted much, especially in Nigeria because of the proactive measures taken by government especially in the health sector.”

Zainab Ahmed, Minister of Finance

The finance minister reminded the FIRS board members that “there are other government obligations and debt servicing which requires revenue to fund and we can see that the capacity to do more is there and we expect you (FIRS) to do more”.

Mrs Ahmed said she was happy “the FIRS has remained resolute as both Value Added Tax (VAT) and Stamp Duty have helped in boosting the revenue”.

FIRS Chairman Mr. Mohammed Nami, said the agency is doing well and the reforms are working.

He added: “In the three to five months, FIRS has been contributing up to 70 percent of Federation Account Allocation Committee (FAAC) allocation.”

He noted that oil figures were down and that COVID-19 has impacted negatively and, therefore, a lot of reforms being carried out are already yielding results. The FIRS team solicited the minister’s support for their reforms.

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