The Federal Inland Revenue Service (FIRS) says it generated N5.5 trillion as tax revenue in the first half of 2023.

In a statement on Thursday, Johannes Oluwatobi Wojuola, special assistant on media and communication to the chairman of FIRS, said the figure is the highest tax collection ever recorded by the service in any first six months of a fiscal year.

Giving a breakdown of the tax revenue, Wojuola said the service achieved 88 percent of its target from oil revenue and exceeded its target for non-oil tax.

“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,” he said

“The service collected a total of N1.65 trillion tax revenues in June 2023. This sum is the highest tax revenue collected by the service in any single month.”

Commenting on the revenue inflow, Muhammad Nami, executive chairman of the FIRS, was quoted to have attributed the performance to improved voluntary tax compliance enabled by the automation of FIRS’ tax administrative processes.

“This is a good head start as we work towards meeting our target for the year. And it was achieved despite stubborn headwinds such as the impact of the currency redesign and the 2023 general elections on the economy in the first and second quarters of 2023,” Nami said.

This half-year performance was achieved as a result of improved voluntary tax compliance by taxpayers, the continued improvement of automation of our tax administration processes, including the updated VAT filing processes; as well as our dogged engagement with stakeholders in both the formal and informal sectors of the economy.

“We believe that the performance in the second half of the year would be better considering the continuing improvement to our tax administration processes and positive impact of the current government’s policies on the economy.”

In 2021, the FIRS said it generated N6.4 trillion as revenue.

Out of this figure, according to the agency, company income tax stood at N1.896 trillion, petroleum profit tax was N2.008 trillion, and value-added tax (VAT) was at N2.07 trillion.
But checks by TheCable showed that the petroleum profits tax declared by FIRS at the federation accounts allocation committee (FAAC) meeting was N1.2 trillion and not N2 trillion.

This showed a discrepancy of N800 billion in the FIRS’ data.

TheCable’s analysis on the issue can be read here.

In 2022, the service also said it generated N10.1 trillion as revenue and described it as the highest tax collection ever recorded in the agency’s history

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https://www.thecable.ng/how-firs-generated-n5-5trn-from-taxes-in-six-months-highest-half-year-revenue-ever/amp

Thank you for the Tax report and we are happy that the Book is looking really good but please can you guys fashion a way to ensure we enjoy the dividend of these Taxes?

Can we limit the % that goes to Individual pockets due to Corruption and Can the people really enjoy some social interventions?

Interesting ..

Next month, government will roll out their full plans about how to cushion the effects of fuel subsidy removal.

Make we save small first, the ministers should be ready anytime next month so that they can start the implementations.

Slow and steady

We only hear budgets and income. We never hear what they were used for! No accountability for its overheads and balances.

They only show the fair part of the ruination to make them look good to those who don’t understand the full IGR economics.

helinues:
Interesting ..

Next month, government will roll out their full plans about how to cushion the effects of fuel subsidy removal.

Make we save small first, the ministers should be ready anytime next month so that they can start the implementations.

Slow and steady

The same way you guys praised Buhari with slow and steady mantra for 8 years, only to use maximum speed of destruction.

Tinubu removed subsidy, FIRS has raised trillions, yet Tinubu has taken over 1 billion dollars of loan in less than 2 months with no increase in salary or palliatives distributed, NASS has collected their own over 110 billion furniture and allowance package already...

You see why I don't take IGR noise makers seriously, IGR is not the problem, but what you do with the IGR

Brendaniel:


The same way you guys praised Buhari with slow and steady mantra for 8 years, only to use maximum speed of destruction.

Tinubu removed subsidy, FIRS has raised trillions, yet Tinubu has taken over 1 billion dollars of loan in less than 2 months with no increase in salary or palliatives distributed, NASS has collected their own over 110 billion furniture and allowance package already...

You see why I don't take IGR noise makers seriously, IGR is not the problem, but what you do with the IGR

Could you tell us who requested for the major part of the new loans

helinues:
Interesting ..

Next month, government will roll out their full plans about how to cushion the effects of fuel subsidy removal.

Make we save small first, the ministers should be ready anytime next month so that they can start the implementations.

Slow and steady

Mumu people. E--rat, you're doing your job.

Hehehe.

Rubbing Peter to pay Paul. With all the money coming in,what have the poor gained in the past six months.

At this point I don't care who is the president,all I want is for Nigeria to work.

The people supporting should use their sense now. Stop making excuses for them.

And the one's against them should be constructive,we are in this together now.

Mboi:

Mumu people. E--rat, you're doing your job.

Of course, you lots would definitely feel so bad and disgusted with this news as una get issue with good/development News.

Make una dey answer present sir whenever enemies of Nigeria are asked to show their faces

helinues:


Could you tell us who requested for the major part of the new loans

Your question is not correct, please rephrase it properly, if you are talking about who is making orders for the loans, it is the FG which Tinubu heads, except you mean something else....

Brendaniel:


Your question is not correct, please rephrase it properly, if you are talking about who is making orders for the loans, it is the FG which Tinubu heads, except you mean something else....

You said the current government already requested for $1bn loan, but $800m loan was requested by Buhari administration to cushion the effects of subsidy removal before it was suspended till new administration.

None of you guys talk about 2013 loan repayment under this administration

helinues:


You said the current government already requested for $1bn loan, but $800m loan was requested by Buhari administration to cushion the effects of subsidy removal before it was suspended till new administration.

None of you guys talk about 2013 loan repayment under this administration

I keep telling You you Tinubu supporters, you people are not detailed, Tinubu has taken 500 million dollars loan, that is the link below, please read it.
https://www.nairaland.com/7744067/world-bank-approves-500m-loan


This one here is the 500 billion approved by the senate which bloomberg calculated at 638 million dollars value.
https://www.bloomberg.com/news/articles/2023-07-12/nigeria-s-tinubu-seeks-500-billion-naira-to-offset-subsidy-cut


Now the one of 800million dollars was not yet approved by the senate, and if you recall they refused to approve it during the previous assembly citing too much loans already, but of course your lord and master still came in and told them to approve it, Tinubu could have refused taking the loan, in essence it wasn't Buhari that took the loan anymore, it was Tinubu, please read the article below, if a food was served for someone and another person ate the food, who would you say ate the food, the real owner or the eater?
https://www.nairaland.com/7763172/just-tinubu-looks-new-senate

Please do the calculation by yourself and see how much money has been taken and ask yourself if Tinubu is not towing the path of Buhari, if I could recall Buhari also paid off some loans too but look at what he indebted the country with, so that is not a yardstick to use to defend Tinubu, look at what Tinubu has incurred compared to what he has taken as loan...

You guys should stop defending rubbish abeg...

Good.
More revenue to be generated during this new dispensation.

The money would be used for development as we saw during Tinubu's tenure assgos state governor.

Sadly 40% of it will be stolen

One of the reasons why we voted for Tinubu.

“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,” he said

TAX, TAX, TAX.
The masses are suffering yet TAX is going through the roof. Shameless. Very shameless government.

Money is good, but the judicious use of money is more important. Don't use taxpayers' money to maintain your expensive lifestyle.

They have 5 Trillion and they are borrowing 500 billion

😂😂😂😂

Tinubu is modern day Zacchaeus the Tax Collector.

This is great

Campaign money most be recovered!....

Yet the senseless government is borrowing more loan.

A with a rapidly declining Naira value, they will have to double that figure. There are still too many tax loopholes. I have not even touched on wastes in the system.

Gondonu:
Yet the senseless government is borrowing more loan.

Use your brain. Nothing wrong in borrowing. USA borrow lots of money and has higher debt than Nigeria. You've only got to balance it.

Brendaniel:


The same way you guys praised Buhari with slow and steady mantra for 8 years, only to use maximum speed of destruction.

Tinubu removed subsidy, FIRS has raised trillions, yet Tinubu has taken over 1 billion dollars of loan in less than 2 months with no increase in salary or palliatives distributed, NASS has collected their own over 110 billion furniture and allowance package already...

You see why I don't take IGR noise makers seriously, IGR is not the problem, but what you do with the IGR

you re a shameless liar please point out to me where Tinubu took loan in just 50days of his office.
Ignorant like you use social media to draw narrative and Run Away with it.