Firs Sets New Record, Collects Over N10trn Revenue in 2022, Buhari Hails Achievement
- The Federal Inland Revenue Service (FIRS) has set a new record after collecting over N10 trillion in revenue in 2022
- The revenue generated is the highest since the agency's inception, thus demonstrating the Nigerian government's commitment to diversifying the economy
- President Buhari has praised Nami, the chairman of the FIRS, for the outstanding achievement
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The Federal Inland Revenue Service (FIRS) collected more than N10 trillion in 2022, its highest revenue collection in a single year.
According to Punch, It is also the first time that the FIRS will cross the 10-trillion naira mark in tax revenue collection.
The information was revealed in the "FIRS 2022 Performance Update," a report signed by the company's executive chairman, Muhammad Nami, and made public on Monday, January 23, 2023.
Source: Facebook
Special Assistant to the Chairman of the FIRS on Media, Johannes Oluwatobi Wojuol who made the report available to the public revealed that out of the N10.1 trillion collected, oil accounted for N4.09 trillion and non-oil N5.96 trillion.
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However, Wojuol said that the agency failed to hit its target of N10.44 trillion for 2022, ThisDay reports.
Breakdown of the revenue
The report provided a breakdown of the N10.1 trillion revenue generated in 2022 as follows:
- Companies Income Tax- N2.83 trillion
- Value Added Tax- N2.51 trillion
- Electronic Money Transfer Levy- N125.67 billion
- Earmarked Taxes- N353.69 billion
Key points from FIRS revenue
More details from the report showed that non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of the total collection.
The report also further clarified that the total revenue sum also included 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.
A part of the report reads;
"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."
Buhari hails achievement
President Muhammadu Buhari hailed the FIRS for the feat recorded in tax collection under Nami's administration, as he promised more support.
President Buhari also urged the agency to sustain the achievement and do more to enable the tiers of government to pay salaries and meet other obligations to citizens, including infrastructure and equipping security agencies to protect lives and property.
FG says Port Harcourt refinery ready, sets production date
Meanwhile, in another report, the federal government of Nigeria has revealed the date for the completion of the Port Harcourt refinery
The NNPC, during the award of the repair works contract to an Italian firm called Tecnimont, in 2021, promised to complete the project in 18 months.
The Port Harcourt refinery is now set to commence its first production two months from now.
Source: Legit.ng
