FIRS collects N34.8bn education tax in 6 months, says Fowler

The Federal Inland Revenue Service (FIRS) collected N34.8 billion as education tax in the first half of 2016, the Executive Chairman of the agency, Mr. Tunde Fowler has disclosed.

Fowler, who made this known on Tuesday during the joint Tertiary Education Trust Fund (TETFund)/FIRS interactive forum in Port Harcourt, said the collection was based on the two per cent education tax on companies for the development of the nation's tertiary institutions.

Represented by FIRS' Director of Careers and Skills Development, Mrs. Junila Takom, Fowler however said the amount collected falls below the N74.9 billion target for the same period, adding that the service would work hard to achieve the year's target.

"FIRS as the collecting agent is making frantic efforts to ensure that 2016 target of N149.8 billion is met and surpassed," Fowler said.

On his part, the Executive Secretary of TETFund, Dr Abdullahi Bichi Baffa said FIRS has a major role to play by ensuring the improvement in the education tax collections that are made available to the Fund for disbursement to public tertiary institutions.

"The only source of funding for TETFund stipulated by law is the two per cent education tax charged on assessable profits of companies operating in Nigeria," Baffa said.