BUSINESS: FIRS Makes History, Rakes In N10trn Revenue In One Year





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

This was disclosed in “FIRS 2022 Performance Update”, report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public.

The Special Assistant to FIRS Chairman on Media, Johannes Oluwatobi Wojuol who presented the report says 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.

“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 in history that 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.

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