See How Much Govt. Realised From Tax In 2017
The government’s tax drive is paying off.
The agency in charge of tax collection, the Federal Inland Revenue Service, FIRS said it raked in a whopping 4.03 trillion naira in 2017 alone.
Although this is huge, it still falls below the agency’s revenue projection of 4.89 trillion naira. But it is quite an accomplishment as this represents 82.38% of the government’s target.
You see, the FIRS already recorded a huge sum, about 720 billion naira more than it made in 2016. In that year, it made a total collection figure of 3.3 trillion naira.
An analysis of the collection performance indicated that taxes from non-oil sources accounted for 63%, while oil tax accounted for 37% of the total collection.
Stamp Duty recorded the most increase in performance with 94% during the 2017 fiscal period.
The FIRS boss, Tunde Fowler was quoted as saying that the decline in receipts from oil revenue and the resultant decline in accruals to states from the Federation Account had placed many states in a financial stress to the point where basic obligations such as the payment of employee wages had become a perennial challenge.
He noted that though collection increased by 20% relative to 2016, the cost of collection went down to 2.49% in 2017 relative to 2.60% in 2016 and 2.62% in 2015.
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