Photo credit: Tribune.
The Management of the Federal Inland Revenue Service (FIRS) say the Service collected over N10 trillion in tax revenue in 2022, describing the development as the highest tax collection ever recorded in its history.
The Executive Chairman of the Service, Mr. Muhammad Nami, disclosed this as contained in the “FIRS 2022 Performance Update,” report he signed and released to the public on Monday in Abuja, 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.
“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,” he further revealed.
Founded in 1943, the Federal Inland Revenue Service is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria, according to Wikipedia.
Edited by Dada Ahmed.