LIRS rakes in N16bn

Lagos State Internal Revenue Service (LIRS) said it has raked in N16 billion, being money from taxes in the state in the current year. According to LIRS, an excess of N20 billion was also recorded in 2009, from individuals and organizations within the state.

Executive Chairman of the LIRS, Mr. Babatunde Fowler, who disclosed this to journalists in Lagos, also said LIRS had targeted to host approximately 300 public and private secondary schools, from across six educational districts, to an essay competition geared towards teaching the Nigerian youths the knowledge of taxes, why it should be paid and its benefits for sustainable economic development.
He, therefore, warned against over dependence on oil, explaining that Nigeria could only achieve sustainable economic development by having a sure source of funding, which he believed was by ensuring that the populace paid their taxes.

Fowler urged Nigerians to learn a lesson from Ghana and even Dubai, which raked in huge sums of revenue from other resources of the economy such as cocoa and tourism. He said the neglect of these sectors would have serious effect on the nation’s growth. Mr. Fowler said 3rd Lagos Internal Revenue Service Secondary School Essay Competition was borne out of the vision to propagate the knowledge of tax administration. He added that 70 per cent of schools that would participate in the essay would be drawn from the public schools, while 30 per cent would be from the public schools. 

He said prizes would be given to winners of the competition, which would commence on November 1 and close on November 15, 2010. 
“For the first prize, we have a scholarship loan of N250, 000.00 and a computer for the school, the second prize would be N200, 000.00 scholarship and for the third prize there would be a N150, 000.00 worth of scholarship.”