IGR: How FG tax revenue rises to N4.9trn
The Federal Inland Revenue Service (FIRS) said it collected N4.952 trillion in total tax revenue in the year 2020.
In a statement obtained by The Daily, http://www.thedaily-ng.
He quoted the Executive Chairman of the FIRS, Mr. Muhammad Nami, as saying that, “Remarkable when placed against the backdrop of the debilitating effects of COVID-19 on the Nigerian economy; the all-time low price of crude oil in the international market; business disruptions and lootings during the #EndSars protests; generous tax waivers granted by the FIRS to ease the impact of the COVID-19 shutdown; additional tax exemptions granted to small companies in the 2019 Finance Act; and insecurity in some parts of the country.”
Also, he stated that oil that used to contribute over 50% in tax returns
through the Petroleum Profits Tax in previous years now accounted for only 30.6% contribution to the tax revenue in 2020 while the non-oil tax collection was 109%.
However, he attributed the FIRS revenue generation to a number of reforms initiated by the Board and Management of the Service, including the capacity building of staff; improved staff welfare package; promotion and proper placement of staff, and deployment of appropriate technology for tax operations.
