FRCN HQ
Business Headline News

FIRS rakes N6.4trn revenue in 2021

The Federal Inland Revenue Service (FIRS) has generated a total sum of N6.4 trillion as revenue in 2021.

This year’s revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion.

It is described as the highest in its history.

A statement by the spokesman to FIRS Chairman, Oluwatobi Wojuola, says despite the limitations faced in 2020 and 2021, the service achieved over 100 percent of its collection target.

The statement says “Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax amounted to N2 trillion; Value Added Tax amounted to N2.07 trillion; Electronic Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208.8 billion; among others.

“Non-oil sector contributed 69 percent of the total collection in the year, while oil sector’s contribution was 31 percent of the total collection.

“The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of N6.401 trillion,”

“The Service issued certificates for the sum of N147.8 billion tax credit 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 statement noted.

Wojuola said that in line with the law, 2021 income tax revenue was a function of the outcome of business activities in 2020.

The recession was occasioned by 5-months of lockdown caused by the coronavirus pandemic and the End-SARS protests.