FIRS' half-year non-oil revenue collection hits N2.43trillion

The Federal Inland Revenue Service (FIRS) total revenue generation through taxation in the first half of the year has risen to about N2.43 trillion.

The figure represents an increase in the revenue collection performance of N499.2 billion when compared to the total collection of N1.94 trillion for the corresponding period last year.

Non-oil revenue amounted to about N838.58 billion, while receipts from oil taxes accounted for N1.60 trillion, 

In 2011, the FIRS recorded N955.19 billion in the first Quarter and N985.30 billion in the second.

The figure, according the Director, Communications and Liaison Department, Emmanuel Obeta, represents an increase in tax collection, made up of about N1.17 trillion from oil and N1.26 trillion for non-oil revenues in the first and second quarters respectively.

“This stride demonstrates the Service’s resolve, not only to achieve the N5.085 trillion target set for the year, but also to increase the non-oil taxes and lessen Nigeria’s dependence on oil as its main revenue earner,” Mr. Obeta said.

The Acting Executive Chairman of FIRS, Kabir Mashi, on assumption early last April, had charged the management and staff of the Service to gear up their effort to ensure that the progressive tradition of tax revenue collection by the agency over the years does not drop.

Revenue collection from the oil sources shows that N1.59 trillion was realised from Petroleum Profit Tax (PPT), while Gas Income (GI) accounted for N9.04 billion.

Similarly, non-oil sources recorded N405.58 billion collection from Companies Income Tax (CIT), N3.35 billion for Capital Gains Tax (CGT) and N3.25 for Stamp Duties in the same period.

The Nigeria Customs Service (NCS) import and non-import Value Added Tax (VAT) recorded N353.83 billion, Education Tax (EDT) accounted for N32.8, while National Information Technology Development Fund (NITDEF) yielded N8.52 billion.

Personal Income Tax (PIT) and pre-operational levy (POL) on the other hand yielded N28.56 billion.

A further breakdown of the collection performance trend shows that the Service so far recorded the highest collection of N554.03 billion in June, followed by N466.86 in the month of February.

Other collection for the period under consideration includes N385.17 billion in April, N369.38 billion in January, N336.21 billion in March and N328.02 billion in the month of May.

 


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.