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President Muhammadu Buhari in a handshake with Alh Mohammed Nami during the Inauguration of Audit Committee on Recoveries at the State House in Abuja, November 2017.

Fowler out, Muhammad Nami in – here are few things you need to know about the new head of Nigeria's revenue-generating agency, FIRS

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The Nigerian government has appointed Muhammad M. Nami as the new chairman of the country's revenue-generating agency, Federal Inland Revenue Service.

Nami, a tax consultant, will replace Babatunde Fowler, whose tenure 5-year tenure expired on Monday, December 9, 2019. His appointment is still subject to Nigerian Senate confirmation.

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President Buhari in his office (Daily Post)

In a statement on Monday, the presidency described “Mr. 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 work 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 organisations.

The statement added that President Muhammadu Buhari also approved the composition of the board of the revenue agency.

Brief profile about Muhammad Nami, the new FIRS Boss

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FIRS tax collection records

Revenue shortfalls in Nigeria

With this appointment, Nami will step into the shoes of Fowler, controlling a revenue agency that has witnessed revenue shortfalls for the country since the inception of the Buhari-led government in 2015.

Four months ago, the government queried Fowler, over dwindling tax revenue and asked him to account for significant variances in the budgeted collections and actual collections by the agency. For this year, the agency projected N8 trillion collections for 2019.

At different fora, the IMF and other international organisations have advised the government to increase its revenue sources to close a huge fiscal gap, rising debt level, and improve on infrastructural decay.

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