FIRS Rakes N5.5trn In Six Months

The Federal Inland Revenue Service (FIRS) has generated about N5.5 trillion as tax revenue for the half-year period, beginning from January to June 2023.

This formed the crux of discussion at the presentation of 2023-2024 tax revenue outlook during the National Economic Council meeting at the Presidential Villa, Abuja.

The Executive Chairman of FIRS, Mr Muhammad Nami noted that the revenue was the highest collection recorded by FIRS in any first six months of a fiscal year.

He stated that FIRS 2023 Half-Year Collection Report revealed that the agency achieved over 100 per cent of its target for the first-half of the year when compared with a mid-year target of N5.3 trillion.

“Tax revenue collected from the oil sector from January to June 2023 stood at N2.03 trillion as against a target of N2.3 trillion, while non-oil tax collection stood at N3.76 trillion as against a target of N2.98 trillion", the boss added.

Nami hinted that FIRS collected N1.65 trillion tax revenue in June 2023, which he described as the highest tax revenue collected in any single month.

The FIRS boss attributed the performance to improved voluntary tax compliance enabled by the automation of its tax administrative processes.

“It was achieved in spite of stubborn headwinds such as the impact of the currency redesign and 2023 general elections on the economy in the first and second quarters of 2023.

"The successes was as a result of improved voluntary tax compliance by taxpayers and the continued improvement of automation of our tax administration processes including the updated VAT filing processes.

“This includes our dogged engagement with stakeholders in both the formal and informal sectors of the economy,” he said.

Commenting on the outlook for the remaining half of the year, the FIRS boss assured that the country should expect better days ahead in terms of tax revenue collection.

These were contained in a statement issued in Abuja over the weekend by Mr Johannes Wojuola, Special Assistant on Media and Communication to the Executive Chairman of FIRS, Mr Muhammad Nami.

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