It is the first time that the FIRS will cross the 10-trillion Naira mark in tax revenue collection, an official said.
has announced that it collected over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history.
“Non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of the total collection,” the report noted.The Performance Update Report further clarified that included in the total revenue sum is the sum of N146.27 billion which is the total value of certificates issued by the Service to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No.
“The reforms introduced at different times in 2020 are gradually yielding fruits. By the close of 2022, the Service had fully restructured the administration of the Service for maximum efficiency and achieved internal cohesion such that all functional units are working in unison towards the achievement of set goals.
Other reforms the Service introduced in this period focused on the detoxification of the tax environment by ridding it of mutual mistrust, negative tax morale, and tax evasion, through effective taxpayer education, open engagement with stakeholders and improved services. Speaking on the outlook for 2023, Mr Nami stated that the Service would build on the current reforms, achieve full automation and continue to establish a resilient Service that would continue to provide sustainable tax revenue to fund the government.“We have peaked, but this is not certainly our peak. In fact, my hope is that this would be the least sum the Service would ever collect going forward.
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