The Federal Inland Revenue Service (FIRS) has set a target of 4.9 trillion naira as the revenue that would be generated in 2016.

A Channels TV report quoted the Executive Chairman of FIRS, Mr Babatunde Fowler, as making the disclosure. Mr. Fowler reportedly said that the targeted sum has to be raised to ensure a successful implementation of the 2016 Budget.

“Projecting a 90% budget implementation success, Mr Fowler maintained that the FIRS would achieve at least 70% delivery per quarter or forfeit their performance bonuses through the year,” the report said.

It further quoted Mr. Fowler as saying that the FIRS target of adding 500,000 taxable corporate accounts to their grid would be achieved before the end of March with an additional five million by December 2016.