The Federal Inland Revenue Service (FIRS) said that it collected N10.1 trillion in tax revenue in 2022.
The Executive Chairman of FIRS, Mr Muhammad Nami, disclosed this in the “FIRS 2022 Performance Update” report after his briefing with President Muhammadu Buhari.
A statement issued on Monday in Abuja by Mr Johannes Wojuola, Special Assistant on Media and Communication to Nami, quoted the Executive Chairman of FIRS as attributing the success to reforms in the Service.
“The FIRS in 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.
“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.
“Non-oil taxes contributed 59 per cent of the total collection in the year, while oil tax collection stood at 41 per cent of total collection,” Nami said.
According to the FIRS boss, it was the first time that the FIRS would cross the N10 trillion mark in tax revenue collection.
Nami further said that N146.27 billion was included in the total revenue sum which is the total value of certificates issued by FIRS to private investors and Nigerian National Petroleum Corporation (NNPC).
“It is for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.
“The report also stated that the N10.1 trillion is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1,805,040,163,008,’’ Nami said.
Nami also said that the N10.1 trillion record tax collection achieved under his leadership was made possible through dogged implementation of strategic reforms over the past two years.
He added that 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 contributed.
“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,” Nami said.
Speaking on the outlook for 2023, Nami said that FIRS would build on the current reforms, achieve full automation and continue to establish a resilient Service that would continue to provide sustainable tax revenue to fund the government.
“We intend to maintain, and even improve on the momentum in 2023.
“We have peaked, but this is not certainly our peak. In fact, my hope is that this would be the least sum the Service would ever collect going forward.
“Our goal is to identify more areas where we can improve on in the delivery and efficiency of our collection; and plug loopholes, while deploying innovative reforms in data and artificial intelligence.
“Ultimately, we believe that the FIRS can shoulder the responsibility of providing revenue needed for the governments across the federation to cater for the needs of the Nigerian people through taxes.
“This is feasible once we get the much-desired support from the three tiers and arms of government, as well as all stakeholders.”
The FIRS appreciated President Muhammadu Buhari for his support, as well as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed and the Minister of State, Mr Clem Agba.
“FIRS Management uses this medium to commend all patriotic taxpayers who paid their taxes correctly, stakeholders for their support, and officers of the Service for their dedication to duty,’’ Nami said.
