FIRS Hauls In Record 5.3 Trillion Naira Revenue In 2018
The Federal Inland Revenue Service (FIRS), has been on overdrive since the past three years, and it seems efforts are finally paying off.
In 2018 alone, the agency broke a record by generating 5.3 trillion naira. No other government agency has ever generated such amount of revenue in one year in the country.
In fact, FIRS highest revenue generation was previously recorded in 2012, when the agency generated 5.07 trillion naira.
For 2019, the agency has now set even a higher record of 8 trillion naira.
Tunde Fowler, FIRS chairman, who announced the 2018 record said the cost of collection as a percentage of actual taxes collected has been reducing, as the government is generating more at a time when oil prices are low.
“While we have been steadily increasing revenue collection over the years, our cost of collection has actually been going down,” Fowler said.
“In 2016 we collected 3,307 trillion naira, in 2017 we collected 4,027 trillion naira and in 2018 we collected 5,320 trillion naira. Meanwhile, the cost of collection as a percentage of actual taxes collected has been reducing; in 2016 it was 2.6%, in 2017 it was 2.49% while in 2018 it was 2.14%.”
He also stated that “the Service has been making tremendous efforts in also increasing the amount of non-oil revenue it collects. Non-oil collection has contributed 64.99% in 2016, in 2017 it contributed 62.25% and in 2018 it contributed 53.62%”.
Don't forget to share this story with your friends.