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...
Published by
Emmanuel Egobiambu
Tags: FIRS Revenue

Recent Posts

  • Top story

Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking

A former Deputy Senate President, Ike Ekweremadu; his wife Beatrice and their doctor have been convicted of organ trafficking, in the…

3 mins ago
  • Headlines

FEC Approves Over N4bn To Build Barracks For NDLEA Personnel

The sum of N2.2 billion and N2.8 billion were awarded for the contracts.

31 mins ago
  • Sports

France Begin New Era With Mbappe As Captain

It was impossible to ignore Mbappe, who showed himself to be a leader with his breathtaking hat-trick in the World…

40 mins ago
  • Politics

Two Feared Killed As Thugs Attack Zamfara APC Offices

Zamfara is one of the 28 states in Nigeria where governorship elections were held last Saturday.

44 mins ago
  • Top story

‘Abia Electorate’s Will Respected’, Obi Congratulates Otti 

Otti, the LP candidate, trounced his main rivals like Okey Ahiwe of the Peoples Democratic Party (PDP) and Enyinnaya Nwafor…

53 mins ago
  • World News

Thai Police Shoot Gunman Dead After 15-Hour Standoff

The standoff ended early Thursday when armed police stormed the building and killed the gunman.

2 hours ago