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FIRS Hauls In N2.5tr In 8 Months

The Oasis Reporters

September 7, 2017

Total revenue that has come into the Federal government kitty in the last eight month from the Federal Inland Revenue Service (FIRS) is N2.5 trillion.

The highest source of revenue collected was petroleum profit tax which contributed N1.7 trillion while the other non-oil taxes contributed the balance of N876.4 billion, signifying that the economy is still heavily dependent upon the crude oil sector.

In January, the service collected a total revenue of N317.8 billion, February (N229.5 billion), March (N230.8 billion), and April (N218.4 billion).

The collection rose to N286.8 billion in May, with N500.2 billion in June as the highest collection within the period. The collection dropped in July to N328.5 billion and rose to N396.5 billion in August.

Speaking recently on the projection performance, the Chairman of the FIRS, Babatunde Fowler said that the agency already recorded an increase of N224 billion from January to June 2017, indicating an increase of 14 per cent from the corresponding period in 2016.

“We have therefore achieved 72.93 per cent of our half year target of N2.44 trillion for 2017 as against 74.2 per cent of N2.1 trillion for the corresponding period in 2016,” Fowler told the Senate while defending his budget proposal.

Daily Trust

Greg Abolo

Blogger at The Oasis Reporters.

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