FIRS generates N2.43 Trillion in six months

The Federal Inland Revenue Service (FIRS) Nigeria has generated through taxation N2.43 trillion in the first half of 2012. This collection represents an increase in the revenue collection performance of N499.20 billion when compared to the total collection of N1.94 trillion for the same period in 2011.

A statement signed by Emmanuel Obeta, Director, Communications and Liaison Department said that non-oil amounted to N838.58 billion out of this total collection, while receipts from oil taxes accounted for N1.60 trillion, He said that in 2011, the Service recorded N955.19 billion in the first Quarter and N985.30 billion in the Second quarter. The 2012 figure he further said represents a remarkable increase in tax collection which includes Oil and Non-oil revenue with both recording N1.17 trillion and N1.26 trillion in the First and Second quarters respectively.

He said “This stride demonstrates the Service’s resolve, not only to achieve the N5.085 trillion set target for the year, but to also increase the non oil taxes and lessen Nigeria’s dependence on oil as its main revenue earner.
The Acting Executive Chairman of FIRS, Alhaji Kabir Mashi, had on assumption of office, early April, charged both Management and staff of the Service to up the ante and ensure that the progressive history of tax revenue collection by FIRS over the years does not drop. A look at the collection from the Oil sources shows that N1.59 trillion was realised from Petroleum Profit Tax (PPT), while Gas Income (GI) accounted for N9.04 billion.

Similarly, Non-oil sources recorded N405.58 billion collection from Companies Income Tax (CIT), N3.35 billion for Capital Gains Tax (CGT) and N3.25 for Stamp Duties in the same period. The Nigeria Customs Service (NCS) Import and Non Import Value Added Tax (VAT) recorded N353.83 billion, Education Tax (EDT) accounted for N32.8, while National Information Technology Development Fund (NITDEF) yielded N8.52 billion.

Personal Income Tax (PIT) and Pre-Operational Levy (POL) on the other hand yielded N28.56 billion. A further breakdown of the collection performance trend shows that the Service so far recorded the highest collection of N554.03 billion in June, followed by N466.86 in the month of February. Other collection for the period under consideration includes N385.17 billion in April, N369.38 billion in January, N336.21 billion in March and N328.02 billion in the month of May.