FIRS breaks all-time record, generates N6.4trn revenue in 2021

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The Federal Inland Revenue Service (FIRS) has raked N6.4 trillion as revenue in 2021, the highest in its history.

The 2021 revenue collection surpassed the N5.3 trillion generated in 2019 when Babatunde Fowler was the head.

Johannes Oluwatobi Wojuola, special assistant on media and communication to the chairman of FIRS, said this in a statement released yesterday.

According to Wojuola, Muhammad Nami, executive chairman of FIRS, said that despite the limitations faced in 2020/2021, the agency achieved over a hundred percent of its collection target.

“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,” Nami said.

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”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 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.”



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