The Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Mamman Nami yesterday said the agency has raked in N4.178trillion revenue out of the N4. 239trillion target it set for itself between January and October.

He also claimed that he inherited N38billion debts from his predecessor, Mr. Babatunde Fowler which included about N20billion official debts and N18billion unofficial.

He said it is legally indisputable that it is the core mandate of the FIRS to collect Stamp Duties, adding that the first tax introduced in 1904 by the British colonial masters was Stamp Duties.

Therefore, he said the FIRS was not usurping the powers of any agency.

Nami, who made the clarifications in a chat with some media chiefs in Abuja, said the agency should be able to exceed the N5. 076trillion tax receipts for 2020

He said: “As at October, we have realised about N4.178trillion out of our target of N4.230trillion. This translates to about 98 per cent or approximately 99per cent.

“All things being equal, we should be able to exceed our target of N5.076 trillion by the end of 2020.”