How FIRS rakes in N10.1trillion revenue

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The Federal Inland Revenue Service (FIRS) has announced that it collected over N10 trillion in tax revenue last year, the highest in its history.

The Service made this known in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public, after his briefing with President Muhammadu Buhari.

“The FIRS, in 2022 collected a total of N10.1 trillion in oil (N4.09 trillion) and non-oil (N5.96 trillion) revenue as against a target of N10.44 trillion. Giving reason the Service did not meet its target,

He pointed fingers at distractions and waivers. Nami lamented that distractions from some government agencies through instituted court cases, petitions and judgments granted contributed to the Service not meeting its target.

According to him “we received letters from potential taxpayers who wanted to pay us but could not because there were court judgments that transferred the collection of certain revenues to a different body other than the FIRS”.

The FIRS boss was however optimistic that the Service will do better in 2023. In 2022, “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.

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