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Nigeria’s FIRS Grows VAT by 20%
The Federal Inland Revenue Service has grown its proceeds of Value of Added Tax by 20 percent to N1.2tn in the first six months of 2022. According to different reports by the National Bureau of Statistics, the total sum generated through VAT stood at N1.008tn in the first two quarters of 2021. NBS data also…
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FIRS Generates N6.4 trillion Revenue In 2021
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.…
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FIRS Generates N3.3tr From Non-oil Export
In a statement by the Federal Inland Revenue Service, Nigeria has generated N4.2 trillion revenue so far this year. This is about N3.3 trillion, that is over 77 per cent of the total collection, came from the non-oil sector. FIRS Chairman, Muhammad Nami, stated that “to address the issue of Nigeria not diversifying its economy,…
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FIRS Generates N4.9 trillion In 2020
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…
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FG Revenue Agencies Remit N1.54tr In Q1
The Revenue Mobilisation Allocation and Fiscal Commission has disclosed that a total of N1.54 trillion revenue was remitted by the revenue-generating agencies of the federal government of Nigeria. In a statement by the RMAFC, the revenue was remitted into the federation account in the first quarter of 2021. The Chairman of the Commission, Engr. Elias…
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FIRS Project N5.9trillion for 2021 revenue
The Federal Inland Revenue Service, FIRS, has placed their revenue projection for 2021at N5.9 trillion. FIRS Chairman Mohammed Nami, made this disclosure in a meeting with the House of Representatives Committee on Finance on the Service’s 2021 budget defence and consideration of its proposed Revenue and Expenditure Estimates. Nami said, out of the proposed figure,…
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FIRS Revenue Drops In 2020
The Federal Inland Revenue Service (FIRS) collected the sum of N4. 952 trillion in total tax revenue in the year 2020 as against previous years. Director Communications and Liaison, Mr Abdullahi Ahmad, said in a statement, that the figure represented approximately 98 per cent of the national tax target of N5.076 trillion set for the…