FIRS generates over N2trn in seven months

The Federal Inland Revenue Service, through tax collections, generated the sum of N2.11 trillion as revenue from January to July, 2017.

This is contained in a progress report of the FIRS from Jan. to July, 2017 obtained by the News Agency of Nigeria on Monday, showing their revenue performance and impact of the new tax regime.

The aggregate revenue projected in the 2017 budget is N4.94 trillion, out of which oil revenue will contribute N1.98 trillion.

This is based on an estimated crude oil production of 2.2 mbpd converted at an exchange rate of N305 to a dollar.

Non-oil revenue for the year is projected at N1.37 trillion, which represents about 28 per cent of the budgeted revenue.

Independent revenues, various recoveries and mining will account for the balance of about N1.58 trillion.

A breakdown of the report showed that the FIRS from January to July this year collected N720.28 billion as Petroleum Profit Tax while the Value Added Tax revenue collected in the same period was N548.22 billion.

The Federal Government had also collected the sum of N679.9 billion as Company Income Tax and N91.4 billion as Education Tax collection.

The report also showed that consolidated tax revenue for the first seven month of the year was N62.3 billion, which already supersedes the N59.8 billion generated from the area in the entire 2016 financial year.

Also, the service recorded success in boosting its collection of National Information Technology Development Fund levy, which went from N6.75 billion in 2016 to N9.87 in the first seven months of 2017.

NAN.