Between January and March this year, the Federal Inland Revenue Service generated a total of 1.17 trillion naira.

The sum came from the collection of various taxes.

This was a significant rise over the 778.19 billion naira recorded exactly the same period in 2017.

According to a letter written by the Executive Chairman of the FIRS, Tunde Fowler, to the Minister of Finance, Mrs. Kemi Adeosun, the amount realised in the first quarter of 2018 is 393.39 billion naira more than what was generated in the first three months of 2017.

In the letter entitled: ‘Brief on revenue projections performance for the period January to March 2018’, Fowler stated that “the analysis shows that we have so far collected the sum of N1,171,588,583,152.96 for January to March 2018, which is 69.5% of the total target to date.

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“This further indicates that there is an increase of N393,395,141,988.50, representing an overall increase of 51% in 2018, when compared with the collection performance for the corresponding period in 2017.”

The breakdown of the revenue collection shows that Petroleum Profit Tax collection rose by 91% from 338.29 billion naira in the first quarter of 2017 to 644.76 billion naira in the first three months of this year; while Companies’ Income Tax grew by 30% from 155.57 billion naira to 202.16 billion naira in the period under review.

A total of 269.09 billion naira was collected as Value Added Tax in the first quarter of this year, compared to 221.38 billion naira in the corresponding period of last year, indicating a 22% difference.

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