Nigeria’s Federal Inland Revenue Service (FIRS) has announced the highest tax revenue in its history, collecting N10.1 trillion in tax revenues in 2022.
A statement seen by Nairametrics said the FIRS earned N4.09 trillion in oil revenues (41%) and N5.96 trillion in non-oil revenues (59%). This is against a target of N10.44 trillion set for the year.
- “Companies Income Tax contributed N2.83 trillion, Value Added Tax N2.51 trillion, Electronic Money Transfer Levy N125.65 billion and Earmarked Taxes N353.69. Non-Oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of the total collection,” the statement explained.
How this was actualised: The Executive Chairman of the FIRS, Muhammad Nami, said this was made possible through “dogged implementation of strategic reforms over the past 2 years, a renewed commitment by officers of the service, accompanies with a boosted morale, as well as the innovative deployment of technology for automation of both tax administration and operational processes”.
In 2023, he said the service would build on the current reforms, achieve full automation and continue to establish a resilient service that would continue to provide sustainable tax revenue to FG
2021 performance: Nairametrics reported last year that The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of N6.401 trillion.
“Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax amounted to N2 trillion; Value Added Tax amounted to N2.07 trillion; Electronic Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208.8 billion; among others.”
