First off, our Federal Inland Revenue Service (FIRS) – soon to be known as Nigeria Revenue Service to capture the fact that revenue everywhere including online (not only inland) must be captured – must be commended on their unprecedented and superlative achievement of N10.1 Trillion collection for the year 2022. Honestly, in our country, replete […]
First off, our Federal Inland Revenue Service – soon to be known as Nigeria Revenue Service to capture the fact that revenue everywhere including online must be captured – must be commended on their unprecedented and superlative achievement of N10.1 Trillion collection for the year 2022. Honestly, in our country, replete with bad news, this is one news that gladdened my heart and for which I have heard or read little commentary since announced.
Let us do a quick rundown of our revenue performance over the years since the year 2000. In that year as the civilians settled into government, the FIRS collected a total of N455 billion across the board. By 2001, this increased to N587 billion. In 2002, collections dipped to N434 billion. But in 2003, 2004, 2005, and 2006, the numbers increased to N703 billion, N1.19 trillion, N1.7 trillion and N1.87 trillion respectively, before we saw another slight dip in 2007 to N1.85 trillion.
Nami also stated briefly that N1.8 Trillion of waivers under several arrangements, were granted in the year.Flowing from 3 above, it will be good for government to have a relook at the system of waivers because this nation – with a huge debt overhang – can ill afford them. We cannot be servicing debts with over 90% of our revenue and be gifting some away at will for any reason.
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