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FIRS shatters 2021 record, collects N10.1 trillion in 2022

William Ukpe by William Ukpe
January 23, 2023
in Business News, Economy, Tax
Tax collection: FIRS vows to surpass N10.1 trillion in 2023 by leveraging technology
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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”. 

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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.” 


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William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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