The Federal Inland Revenue Service has said that it has generated a revenue of N4.9 trillion revenues in 2020.

This was about 98 percent of its set target for the year.

The agency said this when it appeared before the House of Representatives Committee on Finance at its ongoing 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP) Interactive Session with Ministries, Departments and Agencies (MDAs) at the National Assembly Complex, Abuja.

The Chairman of FIRS, Muhammad Nami, who appeared before the house projected a revenue of N10.1 trillion by 2022.

He said the N2.053 trillion will be remitted to the federal government while the balance will go to the states and local governments of the federation.

He told the committee that there was a possibility of surpassing the revenue projection for 2022 because the Service has invested in technology for the purpose of improving tax collections in the country.

Responding to a question on the recent increase in the cost of vehicle plate numbers and licenses by the Joint Tax Board (JTB), Nami said the decision was taken due to the high cost of production of number plates as complained by the company producing them.

He said it was the collective decision of all the chairmen of internal revenue boards from the 36 states and the FCT.