- The Acting Executive Chairman of the Federal Inland Revenue Service, Mr. Sunday Odugbesan, said on Thursday that the agency raised about N1.842tn from taxes into the Federation Account in the first half of this year.
- Ogungbesan, however, lamented that the figure was still a far cry from what could have accrued to the country’s coffers, but for the numerous social, political and economic challenges confronting the nation.
- The FIRS boss stated this while briefing the Senate President, Bukola Saraki, on the activities of his agency. He noted that the agency raised N697bn from Petroleum Profit Tax; N778bn from Company Income Tax; and N376bn from Value Added Tax in the period under review.
- He also explained that the agency was still expecting between N12bn and N15bn import VAT from the Nigeria Customs Service. Ogungbesan noted that the annual target of the FIRS in the oil and gas sector was N1.4tn; while its expected monthly target was N123.74bn.
- He said the trend of collection showed that N147bn and N150bn were collected from the sector in January and February, but that it went down to N93bn in March.
- Source: Punch
FIRS raised N1.84 trillion from taxes in the first half of 2015
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