The Federal Inland Revenue Service raked in ₦6.4 trillion as revenue in 2021. The agency said, the highest in its history surpassing the ₦5.3 trillion generated in 2019 when Babatunde Fowler was the head. 

FIRS chairman Muhammad Nami said in a statement that despite the limitations faced in 2020/2021, the agency surpassed its collection target.

Breakdown Analysis 

The year’s earnings consisted of ₦6.405 trillion in both oil (₦2.008 trillion) and non-oil (₦4.396 trillion) revenue against a ₦6.401 trillion target. 

Nami said, “Companies Income Tax amounted to ₦1.896 trillion; Petroleum Profits Tax amounted to ₦2 trillion; Value Added Tax amounted to ₦2.07 trillion; Electronic Money Transfer Levy amounted to ₦114 billion; Earmarked Taxes amounted to ₦208.8 billion; among others.”

The breakdown of the figure showed that the non-oil sector contributed 69 percent of the total collection in the year, while the oil sector’s contribution was 31 percent of the total collection. 

The Service issued certificates for the sum of ₦147.8 billion in tax credit to private investors and the state oil company for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.