In 2021, the Federal Inland Income Service (FIRS) produced a record revenue of N6.4 trillion, the most in its history.
This year’s revenue collection surpassed that of 2019, when Babatunde Fowler’s administration brought in N5.3 trillion.
Spokesman for FIRS Chairman, Oluwatobi Wojuola, stated in a statement released on Thursday that despite the limits faced in 2020 and 2021, the service reached nearly 100% of its collection target.
“The FIRS collected N6.405 trillion in oil (N2.008 trillion) and non-oil (N4.396 trillion) income in 2021, compared to a target of N6.401 trillion,” Nami added.
“Companies Income Tax was N1.896 trillion, Petroleum Profits Tax was N2 trillion, Value Added Tax was N2.07 trillion, Electronic Money Transfer Levy was N114 billion, and Earmarked Taxes were N208.8 billion,” according to the report.
“The non-oil industry contributed 69 percent of the overall collection for the year, while the oil sector contributed 31 percent.”
“The Service issued certificates for the sum of N147.8 billion tax credit to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.”
Wojuola stated that in line with the law, 2021 income tax revenue was a function of the outcome of business activities in 2020.
“In that year, the country entered into a second economic recession within 5 years. The recession was occasioned by 5-months of lockdown caused by the Coronavirus pandemic.
“To compound the economic challenges of COVID-19 pandemic, business activities were disrupted by the End-SARS protests.”
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