FIRS generates a record $10.1 trillion in revenue in 2022

According to the Federal Inland Revenue Service (FIRS), $10.1 trillion in revenue was a record in 2022.

The amount of taxes collected this year is the largest ever recorded. This information was provided by the Service in a “FIRS 2022 Performance Update” report that was published to the public on Monday following a briefing by its Executive Chairman, Mr. Muhammad Nami, to President Muhammadu Buhari.

The study said, “In 2022, the FIRS collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion.”

Companies’ income tax contributed N2.83 trillion; value-added tax provided N2.51 trillion; electronic money transfer levy contributed N125.67 billion; and earmarked taxes contributed N353.69 billion.

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“Non-oil taxes made up 59% of the overall revenue in the year, while oil tax revenue made up 41% of the total revenue.”

The service will reach N10 trillion in tax revenue collection for the first time, according to the FIRS.

The Service issued certificates worth a total of N146.27 billion to private investors and NNPC for road infrastructure as part of the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme established by Executive Order No. 007 of 2019, according to a statement released on Monday.

According to the report, the N10.1 trillion does not include the N1,805,040,163,008 in tax exemptions due to various tax benefits provided under the relevant laws.