FIRS breaks record, rakes in N10trn revenue in one year

The Federal Inland Revenue Service (FIRS) collected more than N10 trillion in 2022, its highest revenue collection in a single year.

The figures were disclosed in “FIRS 2022 Performance Update”, report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public on Tuesday evening.

Special Assistant to FIRS Chairman on Media, Johannes Oluwatobi Wojuol who presented the report noted that out of the N10.1 trillion collected, oil accounted for N4.09 trillion and non-oil N5.96 trillion revenues.

However, he said that the agency failed to hit its target of N10.44 trillion for 2022.

According to the breakdown, Companies Income Tax contributed N2.83 trillion; Value Added Tax N2.51 trillion; Electronic Money Transfer Levy N125.67 billion and Earmarked Taxes N353.69 billion.

READ ALSO:Reps committee summons FIRS chairman over alleged tax evasion by oil firms

“Non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of total collection,” the report noted.

It is the first time that the FIRS will cross the 10-trillion naira mark in tax revenue collection.

The report further clarified that included in the total revenue sum is N146.27 billion which is the total value of certificates issued by the Service to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.

The report also stated that the N10.1 trillion is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1,805,040,163,008.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *