Nigeria’s Federal Inland Revenue Service (FIRS) says that it generated a record N6.4 trillion (about $15 billion) as revenue in 2021, the highest in its history.
A statement issued on Thursday in Abuja by the spokesman of the FIRS, Oluwatobi Wojuola, said that the revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion.
It noted that despite the limitations faced in 2020 and 2021, the service achieved over 100 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,” the statement said.
According to the statement, the 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.
“The 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,” it added.
GIK/APA