Finance
FIRS Generates N7.5trn in Nine Months, Replace NNPC as Largest Revenue Generating Agency
Despite the adverse impact of Covid 19, insecurity, foreign exchange scarcity, and the spillover effect of the Russia-Ukraine crisis FIRS reports N7.5 trillion taxes in nine months
The Federal Inland Revenue Services (FIRS) disclosed that it has raked in N7.5 trillion as taxes in just nine months of the year despite the adverse impact of Covid 19, insecurity, foreign exchange scarcity, and the spillover effect of the Russia-Ukraine crisis.
According to the Chairman of the Federal Inland Revenue Service, Muhammad Nami, the sum of N7.5 trillion was generated between January and September 2022.
The FIRS Chairman who was represented at an event in Kano noted that the tax collection agency has replaced the Nigeria National Petroleum Commission (NNPC) as the largest contributor to the Federal Account Allocation Committee (FACC).
FACC is the total sum generated by all the federal government revenue agencies which are shared every month among the three tiers of government (Federal, States, and Local Governments).
Investors King learnt that in 2021, the Federal Inland Revenue Services generated a sum of N6.4 trillion for the entire year.
This shows a steady increase of N1.1 trillion when compared with what was generated between January to September 2022 with additional two months to end the year.
While crediting the significant increase to the painstaking reform carried out by the agency, the FIRS boss stated that non-oil taxes accounted for N4.3 trillion which is higher than what was generated from petroleum profit tax.
He noted that a sum of N3.1 trillion was generated from oil-based taxes within the first nine months of 2022.
Meanwhile, the Federal Inland Revenue Service (FIRS) disclosed it has remitted a sum of N309 billion as Education Tax to the Tertiary Education Trust Fund (TETFund).
The remittance of N309 billion is coming amid the clamour for more funding for tertiary education in the country.
It would be recalled that the Academic Staff Union of Universities which recently called off an eight-month-long strike had demanded for more government funding to revitalise tertiary education in the country among other demands.