• The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, August 9, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad

FIRS N4.62trillion revenue collection in 2011 highlights depth of corruption

February 14, 2012
Reading Time: 2 mins read
0

The remarkable N4.62trillion revenue collected by the Federal Inland Revenue Service (FIRS) last year has highlighted the widely held view among Nigerians that the bulk of revenue earned from other sectors, such as oil and gas industry, may have gone into financing of corruption by government.

The reconciled FIRS collection figure by the Central Bank of Nigeria (CBN), which almost doubles the figure of N2.83 trillion in 2010, exceeded the total N4.48trillion appropriation in the 2011 Budget by about N140billion.  

The recent 2011 budget implementation report published by the Federal Ministry of Finance showed that out of about N9.219trillion gross federally collectible revenue, about N6.82trillion, or 73.93 per cent was expected from the oil and gas sector, while N2.4trillion, or 26.07 per cent, was to come from non-oil sources.

But revelations during the just-concluded public hearing by the House of Representatives ad hoc committee on the management of fuel subsidy showed that over N2.3trillion was allegedly spent by the Petroleum Products Pricing Regulatory Agency (PPPRA) on petroleum products supply subsidy during the years alone.

“Clearly, FIRS single-handedly generated the whole amount appropriated in last year’s budget,” one revenue consultant noted in Abuja.

“If other agencies of government have been remitting all revenues generated into the Federation Account as required by the constitution, government would not have any need to scramble for funds for its development programmes.”

Records of the FIRS collections showed steady climb in revenue yield through taxation as N1.51 trillion came from non-oil taxes for the year ended 2011, as against N1.31 trillion recorded in 2010, including N663.02 billion of company income tax (CIT), N0.77 billion of capital gains tax (CGT) and stamp duty (SD), N6.42 billion.

Also, Value Added Tax (VAT) was N659.15 billion, made up of non-import VAT of N492.06 billion and the Nigeria Customs Service (NCS) import VAT of N167.09 billion, while education tax (EDT) was N130.74 billion, National Information Technology Development Fund (NITDF), N8.67 billion; personal income tax (PIT), N43.47 billion and Pre-Operational Levy (POL) , N0.40 billion.

The tax service attributed its performance to the ongoing reform to reposition the country’s tax system and make taxation the driver of sustainable development, adding that the total tax yield, including oil and gas taxes (OGT), was of N4.62 trillion, compared with the target of N3.63 trillion set by government for the Service for the year.

TEXEM Advert

Of the total figure, the FIRS realised N3.11 trillion from the OGT as against the N1.31 trillion collected in 2010. The Petroleum Profit Tax (PPT) accounted for N3.07 trillion, while Gas Income (GI) recorded N45.22 billion of the amount.

Meanwhile, the Executive Chairman of FIRS, Ifueko Okauru, restated the Service determination to intensify its tax operations to expand the revenue base of the country 

in the current year, pointing out FIRS would continue to focus on staff capacity building, the plans to ensure that more revenue is collected.

“Driving revenue requires professional skills to increase tax revenue from the Stamp Duties and Capital Gain Tax as part of the efforts to expand the revenue generation profile of the country,’’ Ms. Okauru said.

“The Service would improve on its taxpayer’s education and services, processes and procedures in order to achieve its revenue target for 2012 as well as enhanced voluntary tax compliance.”

 

  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • WhatsApp
  • Share on Tumblr
  • Pocket


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

AFCON 2012: Onigbinde says big names don

Next Post

Keshi picks 20 players for Liberia friendly

More News

President Muhammadu Buhari

Nigeria’s regulator rejects Buhari’s approval of Seplat’s purchase of ExxonMobil’s asset

August 8, 2022
President Muhammadu Buhari Swears-In Newly Appointed Ministers and Presides over Federal Executive Council Meeting in State House on 6th July 2022 [PHOTO CREDIT: @Buharisallau1]

Buhari approves Seplat’s acquisition of Mobil Nigeria from ExxonMobil

August 8, 2022
Naira Notes

Nigeria’s rising debt stock becoming problematic — LCCI President

August 8, 2022
NOVA Merchant Bank. [PHOTO CREDIT: Official LinkedIn account of the bank]

NOVA Merchant Bank appoints new directors, promotes workers

August 7, 2022
LIRS Executive Chairman, Ayodele Subair

Lagos revenue agency unveils whistleblower channel

August 6, 2022
Naira and Dollars

Naira stable at official forex market

August 5, 2022
Leave Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2022 The Premium Times, Nigeria