Inland Revenue Rakes in N10.1 Trillion

Over N10.1 trillion tax revenue have been declared as the sum raked in by the Federal Inland Revenue Service (FIRS) .

The Service made this known in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami and released, in Abuja, yesterday.

It said, “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.”

The report indicated that it was the first time that the FIRS will cross the 10-trillion Naira mark in tax revenue collection.

It added that the N10.1 trillion was inclusive of the N146.27 billion which is the total value of certificates issued by the FIRS 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 total sum also included tax waivers on account of various tax incentives granted under the respective laws, which amounted to N1.81 trillion.

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