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Home » FIRS Generates N4.9trn Tax Revenue In 2020
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FIRS Generates N4.9trn Tax Revenue In 2020

mmBy Rommy Imah19 January 2021No Comments3 Mins Read1 Views
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The Federal Inland Revenue Service (FIRS) said it generated the sum of N4. 952 trillion in total tax revenue in the year 2020.

Abdullahi Ahmad, the Director Communications and Liaison at the FIRS, said in a statement Tuesday, that the figure represented approximately 98 per cent of the national tax target of N5.076 trillion set for the FIRS by the federal government, in the year under review.

The statement quoted the Executive Chairman of the Federal Inland Revenue Service, Mr Muhammad Nami, as describing the feat as “remarkable” when placed against the backdrop of several factors.

He listed the factors to include “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.”

Nami disclosed that oil which used to contribute over 50% in tax returns through the Petroleum Profits Tax in previous years, accounted for only 30.6% contribution to the tax revenue generated in 2020.

The FIRS boss said that the non-oil tax collection was 109% in 2020, which is 9% higher than the previous year.

He attributed the FIRS revenue generation success in 2020 to a number of reforms initiated by the Board and Management of the Service under his leadership.

The reforms included capacity building for members of the staff; improved staff welfare package; promotion and proper placement of staff; deployment of appropriate technology for tax operations; segmentation of taxpayers to ease tax compliance; and continuous collaboration with relevant stakeholders, among others.

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Nami commended “the conscientious taxpayers in the country and dedicated members of staff of the FIRS nationwide for their support and devotion to work which made this performance possible despite the numerous obstacles encountered by the Service in 2020.”

“The FIRS is optimistic this current fiscal year 2021 will be better than 2020. We shall perform exceedingly well given that our Service reforms are expected to yield greater dividends, especially as different parts of tax administration are being automated.

“We are also optimistic that exploration activities will improve in the oil sector and increase the prospect of higher tax revenue from the sector. Similarly, the ongoing reforms by the Service together with increased stakeholder collaborations will brighten the prospect of improved voluntary compliance and consequently higher tax revenue generation for the country this year and beyond,” he added.

#FIRS #N4.9trn #Nami #Tax Revenue 2020
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Rommy Imah
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Rommy Imah is Founder/Editor of Digital Times Nigeria (www.digitaltimesng.com). He has been in active journalism in over two decades with a bias for technology and business reporting. He is particularly passionate about technology and how it can be used to transform human life, businesses and services.

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