FIRS Generates N4.2trn Revenue in 10 Months

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FIRS Generates N4.2trn Revenue in 10 Months

The Federal Inland Revenue Service (FIRS) has disclosed that it generated N4.2trillion revenue in the last 10 months.

The Executive Chairman of the service, Mr Muhammad Nami, disclosed this while presenting a report on Internally Generated Revenue (IGR) at the 46th meeting of the Joint Tax Board (JTB) in Abuja on Friday.

Nami said what was realised within the period, represented 99 per cent performance of its 10 -month target of N4.230 trillion.

He also said, as at third quarter of 2020, cumulative annual collections from the 36 states and the Federal Capital Territory was N974.197 billion.

According to him, this represents a drop of 1.39 per cent when compared with the collections from the same period in 2019 which was N988.024 billion.

“The COVID-19 pandemic has indeed had a profound effect on IGR, especially at the sub national level following the record breaking cumulative annual collections from the states and FCT of N1.334 trillion recorded in 2019.

“We remain unwavering in our desire towards ensuring that we take advantage of the lessons learnt from the COVID-19 pandemic and utilise technology and other ideas in the remaining part of the year to finish strong in our revenue drive.

“We are confident that with the support of all the critical stakeholders, the future of revenue generation and tax administration for our nation is bright,” Nami stated.

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