The Federal Inland Revenue Service (FIRS) has achieved a remarkable milestone by generating a record-breaking N5.5 trillion in tax revenue during the first half of 2023.
According to Johannes Oluwatobi Wojuola, the Special Assistant on Media and Communication to the Chairman of FIRS, this figure represents the highest tax collection ever recorded by the service in any first six months of a fiscal year.
Breaking down the tax revenue, Wojuola disclosed that the service accomplished 88 percent of its target from oil revenue and surpassed its target for non-oil tax collection.
Tax revenue collected from the oil sector from January to June 2023 amounted to N2.03 trillion, slightly below the target of N2.3 trillion.
However, non-oil tax collection performed exceptionally well, reaching N3.76 trillion, surpassing the set target of N2.98 trillion.
In June 2023, the service collected a staggering total of N1.65 trillion in tax revenues, marking the highest tax revenue ever collected in a single month by the FIRS.Muhammad Nami, the Executive Chairman of FIRS, attributed the impressive performance to improved voluntary tax compliance, facilitated by the automation of the service’s tax administrative processes.
Despite challenges arising from the currency redesign and the 2023 general elections impacting the economy in the first and second quarters of 2023, the FIRS demonstrated resilience and determination to achieve its revenue goals.
