Mohammed Nami, the Executive Chairman of the Federal Inland Revenue Service, FIRS, has disclosed that dogged implementation of reforms and use of modern technology led to increase in the tax revenue generated by the Agency.
The agency boss spoke while reacting to the N10 trillion generated in 2022. This is the highest since the creastion of the agency, and it represents more than 90 percent of its target for year undr review.
He allude the high tax collection to the “dogged implementation of strategic reforms over the past two years; a renewed commitment by officers of the service, accompanied with a boosted morale; as well as the innovative deployment of technology for automation of both tax administration and operational processes”.
“This collection was possible through collaboration with our stakeholders, from our colleagues at the executive branch of government, to the members of the judiciary, to our brothers and sisters at the national assembly, as well as the tax advisory committee, professional bodies, unions, and most crucially our taxpayers,” the agency boss said.
Nami made this known in a statement released by Johannes Oluwatobi Wojuola, his special assistant on media and communication on Monday.
According to the breakdown of the figures released by the agency, non-oil taxes contributed 59 percent of the total collection in the year, while oil tax collection stood at 41 percent of total collection.
“The FIRS, in the year 2022 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,” the statement reads.
“Companies income tax contributed N2.83 trillion, value-added tax N2.51 trillion, electronic money transfer levy N125.67 billion, and earmarked taxes N353.69 billion,” the statement said.
