FIRS Surpasses 2020, Rakes In N6.4trn Tax In 2021

Federal Inland Revenue Service (FIRS), on Wednesday disclosed that it collected about N6.4 trillion as taxes in 2021, OSUNREPORTERS NEWS gathered.

…The Executive Chairman of the RevenueService, Muhammad Nami, gave the figure in Abuja on Wednesday 5 January, 2022 at a public presentation and breakdown of highlights of the 2022 Appropriation Act.

,,,,,It could be recalled that in March 2021, the FIRS boss while defending the service’s 2021 budget before the House of Representatives committee on finance, had set a revenue target of N5.9 trillion for 2021.

The service generated N4.9 trillion in 2020 despite the nationwide lockdown occasioned by the COVID-19 pandemic.
The senate in April however, approved an upward review of the revenue target for the FIRS to N7.61 trillion in 2021.

The 2021 revenue target represents a 49.9 percent increase compared to the previous year’s revenue target.

….However, spending on Wednesday, Nami said with the help technology, the service was able to access taxpayers’ records, and to exchange locally and internationally.

….He said, “We collected more than 70 per cent of the target set for 2021 with the help of technology and I assure Nigeria that we will do better in 2022.

“The figures will be fully published soon,’’ Nami said.

,,,,Meanwhile, the Group Managing Director of the NNPC, Mele Kyari, says the country now produces 1.74 million barrels of crude oil per day.

“Three months ago we came down to 1.5 million barrels per day because of security issues and we are responding to it. As at today production has increased to 1.74 million barrels per day and there are on-going interventions to better the situation on security.

“The expectations are that within the month, we will get to 1.8 million barrels per day and exceed the limit within the year,’’ he said.

…..In his remarks, the Chairman, Senate Committee on Finance, Sen. Olamilekan Adeola, noted that there were challenges in revenue collection, but harder work would make the situation to improve.

“We are rewriting history by trying to return the government’s budget calendar to January-December and every December we ensure that the budget for the following year is passed by the president and we have achieved this for three years.