FIRS Collects N2.5tr as Tax in 6 Months, Meets 75% Target for 2018

By Dipo Olowookere

A total of N2.5 trillion has been generated as tax from January to June 2018 by the Federal Inland Revenue Service (FIRS).

A statement from the federal tax agency disclosed that this figure showed a 42 percent or N746 billion increase from what was generated in the same period of last year, N1.8 trillion.

FIRS further said the N2.5 trillion already generated in the first half of this year means it has so far met 75 percent of its target for this year.

A breakdown of the composition of the revenue generated so far showed that N1.2 trillion came from Petroleum Profit Tax (PPT) and N680 billion from Company Income Tax (CIT).

Furthermore, N537 billion was realised from Value Added Tax (VAT), while Education Tax contributed N78 billion to the figure.

Also, N1 billion came from Capital Gains Tax, N9 billion from NITDEF, N49 billion from Consolidated Tax Revenue and N7.5 billion from Stamp Duties.

FIRS said in the statement that with its continuous revenue generation strategies, the total revenue for 2018 should significantly increase.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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