Categories: Headlines

FIRS Makes Historic N10.1 Trillion Revenue In 2022

 

The Federal Inland Revenue Service (FIRS) generated a record N10.1 trillion revenue in 2022, the agency said. 

This is the highest tax collection ever recorded in its history. The Service disclosed this in an “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public on Monday, after his briefing with President Muhammadu Buhari.

“The FIRS, in the year 2022 collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion,” the report added.

“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.”

[READ ALSO] Alleged Defamation: MKO Abiola’s Widow Sues IGP, Demands N100bn In Damages

According to the FIRS, this is the first time the Service will cross the N10 trillion mark in tax revenue collection.

“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 Service said in a statement Monday.

“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.”

Emmanuel Egobiambu

Disqus Comments Loading...
Share
Published by
Emmanuel Egobiambu
Tags: FIRSRevenue

Recent Posts

Harvard Library Removes Human Skin From Book Binding

Anthropodermic bibliopegy -- the practice of binding books in human skin -- was once a…

18 mins ago

Nigeria Splashes N12trn On Petroleum Products In One Year- NBS

The NBS reported that petroleum products imports accounted for about 33 per cent of total…

25 mins ago

Nigerians Mark Good Friday Amid Biting Economy

This year's celebration comes amid a biting economy shaped by the rising cost of living,…

48 mins ago

NSCDC Deploys 2,300 Personnel In Rivers For Easter

The personnel will ensure the protection of critical national assets and forestall any form of…

2 hours ago

Tinubu Preaches Unity, Compassion At Easter, Hails Nigerians’ Sacrifices

Easter is an event that commemorates the resurrection of Jesus Christ from the dead. It…

2 hours ago

Bridging Energy Access Gap Vital For Nigeria’s Economic Growth- NNPCL

To bridge the energy access gap in Nigeria, Kyari said NNPC Ltd was working on…

2 hours ago