Money is Nigeria’s main problem: FIRS's Babatunde Fowler - CNBC Africa

Money is Nigeria’s main problem: FIRS's Babatunde Fowler

Western Africa

by Trust Matsilele 0

Low oil prices straining Nigeria's government to deliver on electoral promises. PHOTO: Wikipedia

Nigeria's President Muhammadu Buhari is struggling to implement some of his electoral promises even after clamping down on previous corrupt administrations.

Upon assuming power Buhari went after former cabinet ministers and senior government officials who were involved in corrupt practices which have now affected his administration to deliver on electoral promises.

Even with oil revenue, Buhari’s job is proving to be challenging. Babatunde Fowler, Executive Chairman of the Federal Inland Revenue Service told CNBC Africa that, Nigeria’s oil was not adequate to sustain the country’s challenges as oil prices were subject to market considerations.

“Money is now our problem, we have people in leadership with vision [but the challenge is there is no money to accomplish that vision],” he added.


“We are one African country, apart from South Africa, that is blessed with natural resources," it is easier for us to dig a well and extract oil, he told CNBC Africa.

Fowler also added that Nigeria was in a situation where oil revenue was more than adequate which shifted focus from tax revenue.

“What any government requires to deliver services to its people is vision and revenue and due to our oil revenue we did not have to rely on taxation,” he said.

“There is no country, including the developed economies, in the world that relies solely on the selling of natural resources for its development. When you have economic development, people are working, and organisations are making profits that create a steady pool from taxation.”