Buhari names Nami FIRS boss as Fowler bows out

0
440

President Muhammadu Buhari, yesterday ended Babatunde Fowler’s dream of a second term as chairman of the Federal Inland Revenue Service (FIRS), with the appointment of a tax consultant, Muhammad Nami as the new head of the agency.

A statement from the presidency said that in addition to the appointment of Nami, Buhari also approved the composition of a new board for the agency subject to Senate confirmation.

The relationship between Fowler and the presidency became strained after Buhari’s Chief of Staff, Abba Kyari, queried the FIRS chair over declining revenue collection.

Kyari had on August 8, through a letter from the Presidency queried Fowler over the agency’s dwindling tax collections. In the query dated August 8, Kyari said the Presidency observed significant differences between budget targets and actual collections for the period 2015 to 2018.

Buhari appointed Fowler in 2015, as replacement to Samuel Odugbesan, appointed by former President Goodluck Jonathan.

Available records indicate that since Fowler’s appointment, the agency has been unable to meet collection target unlike the previous years under Jonathan. The FIRS set a target of N4.7 trillion in 2015 but was only able to make N3.7 trillion in actual collections.In 2016, 2017 and 2018, the tax agency had targets of N4.2 trillion, N4.8 trillion and N6.7 trillion but actual collections were N3.3 trillion, N4.0 trillion and N5.3 trillion, respectively.

But before Buhari’s emergence as President in 2015, Nigeria’s tax statistics showed that since 2000, the only year that the agency failed to meet its target was in 2006.

In his response to the query, Fowler affirmed that tax collection since the inception of Buhari’s administration was lower than that of Jonathan’s administration but noted the FIRS under him performed better in non-oil revenue tax like VAT and CIT. He had attributed the shortfall to oil market crisis which slowed down economic activities, hence the lower tax collection.

Meanwhile, President Muhammadu Buhari has nominated a renowned tax consultant, Muhammad M. Nami, as new chairman of Federal Inland Revenue Service (FIRS) to take over from Babatunde Fowler, whose tenure expired on Monday, December 9.

The statement said Fowler is expected to “hand over to the most senior director on the board, who will take charge, pending the Senate confirmation of the new board.”

According to the statement, the board is composed of a member representing each of the six geographical zones and statutory representatives from a select number of ministries and government agencies.

Muhammad, a well-trained Tax, Accounting and Management professional with highly rated qualifications and professional practice and licenses from relevant professional bodies, has almost three decades of practical working experience in Auditing, Tax Management and Advisory and Management services to clients in the banking, manufacturing, services and public sectors as well as non- profit organizations.

He is an expert in rendering advisory support services to investors in respect of new business start-ups and management of existing businesses. He has also continuously rendered outsourced services to clients in trading, service and manufacturing sectors of the nation’s economy. Nami attended Bayero University Kano and Ahmadu Bello University, Zaria where he obtained a Bachelor’s Degree in Sociology (1991) and a Masters of Business degree (2004), respectively.

He is a fellow of Chartered Institute of Taxation of Nigeria, Institute of Debt Recovery Practitioners of Nigeria and Associate Member of Nigerian Institute of Management (Chartered) and Association of National Accountants of Nigeria.

Thanks for reading via the most updated news portal

About Leakblast.com

Share your story with us

Advertise With us

Feel free to contact us

Call Us:+234(0)9073726403
Get us on Whatsapp: +234(0)8181166425
Email Us: editors@leakblast.com

SUPPORT LEAKBLAST JOURNALISM OF INTEGRITY AND CREDIBILITY

Good  journalism costs a lot of money.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble Endeavor.

By contributing to LeakBlast, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Support LeakBlast

LEAVE A REPLY

Please enter your comment!
Please enter your name here