FIRS records N4.9trn out of N5.076trn target

The Federal Inland Revenue Service (FIRS) disclosed that it generated a revenue of N4.9 trillion, representing 98 percent of its N5.076 trillion target in 2020.

This was contained in a statement issued by Abdullahi Ahmad, FIRS director of communications and liaison on Tuesday, January 20. 

Ahmad said the crude oil, which used to contribute over 50 percent in tax returns through the petroleum profits tax in previous years, accounted for only 30.6 percent of the total revenue generated in 2020.

He attributed the revenue generation success in 2020 to a number of reforms initiated by the agency’s management under his leadership. 

According to him, “The FIRS is optimistic this current fiscal year 2021 will be better than 2020. We shall perform exceedingly well given that our service reforms are expected to yield greater dividends, especially as different parts of tax administration is being automated.

“We are also optimistic that exploration activities will improve in the oil sector and increase the prospect of higher tax revenue from the sector.

 “Similarly, the ongoing reforms by the Service together with increased stakeholder collaborations will brighten the prospect of improved voluntary compliance and consequently higher tax revenue generation for the country this year and beyond.”