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FIRS half yearly revenue hits N5.5 trillion, chairman assures on improvement 

THE Federal Inland Revenue Service (FIRS) has announced a tax revenue of N5.5 trillion for the first half of the year from January to June 2023.  

A statement on Thursday by the Special Assistant to the Executive Chairman, FIRS on Media & Communication, Johannes Oluwatobi Wojuola, noted that “this is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year.”

The Executive Chairman of FIRS, Mr. Muhammad Nami stated this during his presentation of the 2023-2024 tax revenue outlook before the National Economic Council on Thursday at the Presidential Villa, Abuja. 

The chairman’s  presentation of FIRS’ 2023 Half-Year Collection Report, showed that the FIRS achieved over 100 per cent of its target for the first-half of the year compared with a mid-year target of N5.3 trillion as earning in the oil sector, non-oil sector overshot targets.

Earnings from the oil sector between January and June, stood at N2.03 trillion, as against a target of N2.3 trillion, while non-oil tax collection rose to N3.76 trillion, as against a target of N2.98 trillion.

Nami stated further that FIRS collected N1.65 trillion tax revenues in June 2023, the highest tax revenue collected in any single month.

According to the chairman, “this  half-year performance was achieved as a result of improved voluntary tax compliance by taxpayers, continued improvement of automation of our tax administration processes, including the updated VAT filing processes as well as our dogged engagement with stakeholders in both the formal and informal sectors of the economy.

“This is a good head start as we work towards meeting our target for the year. And it was achieved despite the impact of the currency redesign and 2023 elections on the economy in the first and second quarters of 2023.”

The Executive Chairman stated that he expected “better days ahead” in terms of tax revenue collection, in the second half of the year following “improvement to our tax administration processes and positive impact of current the government’s policies on the economy.”

In 2022, FIRS achieved a total collection of N10.1 trillion, being the highest tax collection ever made in a single year.

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