Home » FIRS realises over N10.1trillion revenue in 2022

FIRS realises over N10.1trillion revenue in 2022

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Federal Inland Revenue Service (FIRS) stated that it realised over N10 trillion in tax revenue.

The revenue generating body described the amount as unprecedented.

FIRS made this announcement in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and published Monday, after meeting 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.

The FIRS boss noted at distractions from some government institutions through litigations and waivers were some of the reasons the service meet its target.

Nami said, “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”.

Nami gave assurance that the Service would 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.

“Non-oil taxes contributed 59 per cent of the total collection in the year, while oil tax collection stood at 41 per cent of total collection,” the report noted.

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