The Federal Inland Revenue Service, FIRS says it collected over N10 trillion in tax revenue in 2022.
The Executive Chairman, Mr. Muhammad Nami made this known in the “FIRS 2022 Performance Update,” released on Monday, after briefing President Muhammadu Buhari.
A statement by the Special Assistant to the Executive Chairman, FIRS on Media and Communication, Oluwatobi Wojuola said the amount include both oil (N4.09 tn) and non-oil (N5.96 tn) revenues and exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1.805 billion.
Other breakdowns from the report included “Companies Income Tax of N2.83 tn; Value Added Tax N2.51 tn; Electronic Money Transfer Levy N125.67 bn and Earmarked Taxes N353.69 bn.
“Non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of total collection,” the report noted.
According to the report, it is the first time that the FIRS will cross the N10 tn mark in tax revenue collection. In 2021, the Service collected N6.405 tn.
The performance update report further clarified that included in the total revenue is the sum of N146.27 bn 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.
Providing perspective to the feat, Mr. Nami stated that this was made possible through “dogged implementation of strategic reforms over the past two years; renewed commitment by officers of the Service, accompanied with a boosted morale; as well as the innovative deployment of technology for automation of both tax administration and operational processes.
On the outlook for 2023, the Executive Chairman said the Service would build on the current reforms, achieve full automation and continue to establish a resilient Service that would continue to provide sustainable tax revenue to fund the government.
Mr. Nami appreciated President Muhammadu Buhari for his support, as well as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed and the Minister of State, Mr. Clem Agba as well as all patriotic taxpayers who paid their taxes correctly, stakeholders and officers of the Service for their dedication to duty.
Writing by Annabel Nwachukwu, editing by Daniel Adejo